KEY POINTS
The Minister of Information from Nigeria, Mohammed Idris, has stated that the legal action against Binance and its executive, Tigran Gambaryan, concerning unauthorized cryptocurrency transactions, is being conducted in strict adherence to Nigerian law.
Idris emphasized that the judicial process has been meticulously observed at all junctures, and the prosecution’s case is robust, underpinned by substantial evidence.
U.S. Lawmakers Rally for the Release of Binance’s Exec
Minister Idris highlighted that Binance is set to present its case in response to the serious allegations of financial misconduct, with the court session planned for June 20, 2024.
This announcement comes on the heels of a plea from a dozen U.S. lawmakers to President Joe Biden, calling on the American administration to engage its diplomatic channels dedicated to hostage situations to assist in securing Gambaryan’s freedom.
The correspondence highlighted that Gambaryan faces multiple accusations, deemed unfounded, such as money laundering and tax evasion. The belief is that these charges are a strategy by the Nigerian officials to pressure Binance.
Binance’s Legal Woes in Nigeria
Binance, along with its leadership team, is currently embroiled in two distinct legal challenges. The Federal Inland Revenue Service is pursuing a case related to alleged tax evasion, while the Economic and Financial Crimes Commission is investigating accusations of money laundering and violations of foreign exchange regulations.
In February, authorities in Nigeria detained Gambaryan, who holds U.S. citizenship, along with Nadeem Anjarwalla, under allegations of money laundering and evading taxes. Anjarwalla managed to escape detention and made his way to Kenya, whereas Gambaryan has been held at the Kuje correctional facility located in Abuja, the nation’s capital.
