The Minister of Information and National Orientation, Mohammed Idris has assured that the ongoing trial of Binance and its executive, Tigran Gambaryan, is following due process and the rule of law. 

In a statement released on Wednesday, the Idris explained that the defendant has received consular access and necessary care, in line with diplomatic protocols. He added that the judge denied bail to Gambaryan due to flight risk concerns, as a co-accused, Nadeem Anjarwalla, had fled the country.

The Minister revealed that Binance will have the opportunity to defend itself against severe financial crime charges.

Furthermore, he stated that Binance’s operations in Nigeria, with a turnover of over $20 billion in 2023, have raised concerns about currency speculation and tax evasion. He stressed that the Company has been implicated in various criminal activities globally, with its co-founder, Changpeng Zhao, currently serving a prison sentence in the US for money laundering.

Idris assured that law enforcement agencies are working to hold Binance and its executives accountable for their actions in Nigeria, as part of a broader international investigation. The next hearing is scheduled for June 20, 2024.


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