The Minister noted that Gambaryan was denied bail because he is considered likely to flee the country, especially since his co-defendant, now wanted by Interpol, fled the country illegally.
The Nigerian Minister of Information, Mohammed Idris, stated that the trial of Binance and its executive, Tigran Gambaryan, for illegal cryptocurrency trading is strictly adhering to Nigeria’s legal procedures. This clarification came after an appeal by 12 U.S. politicians to President Joe Biden, urging the U.S. government to use its hostage affairs unit to facilitate Gambaryan’s release.
These politicians assert that Gambaryan is facing baseless charges, including money laundering and tax evasion, which they believe are tactics by Nigerian authorities to extort Binance. However, Minister Idris emphasized that Binance has received appropriate consular access from the U.S. government and that all diplomatic protocols and the rule of law are being observed.
Gambaryan’s Bail Denial
The Minister highlighted that the legal proceedings have followed due process at every stage, and prosecutors are confident in their case based on the evidence gathered. He mentioned that Gambaryan was denied bail because he is considered likely to flee the country, especially since his co-defendant, now wanted by Interpol, fled the country illegally.
In February, Nigerian authorities arrested U.S. citizens Tigran Gambaryan and Nadeem Anjarwalla on charges of money laundering and tax evasion. Anjarwalla escaped custody and fled to Kenya, while Gambaryan remains detained in Abuja’s Kuje correctional center.
These arrests were part of the federal government’s broader campaign to curb currency speculation, which included a ban on cryptocurrency channels. As part of this crackdown, the court mandated that Binance provide the Nigerian government with data and details of Nigerian traders using its platform.
Binance and its executives face two lawsuits: one from the Federal Inland Revenue Service for tax evasion and another from the Economic and Financial Crimes Commission for money laundering and foreign exchange violations. They will defend against these charges in court, with the next hearing set for June 20, 2024.
The case underscores the complex international legal challenges faced by cryptocurrency companies operating across different jurisdictions. It also highlights the tension between national regulatory efforts and the global nature of digital financial platforms.
