Amid ongoing interest in the trial of the rogue online platform Binance and one of its chief executives, accused of illegal cryptocurrency trading in Nigeria, Minister of Information and National Orientation Mohammed Idris affirmed that all stages of the trial are adhering to the laws of the Federal Republic of Nigeria.
“At all stages, due process has been followed, and prosecutors are confident of their case, based on the facts and evidence gathered. Binance will have every opportunity to defend itself in court against these severe charges of financial crimes against the Federal Republic of Nigeria. The next hearing is on June 20, 2024,” Idris stated.
The minister clarified that Binance has received consular access and all due care according to normal diplomatic protocols and the rule of law. He added that the judge denied bail due to the flight risk after a co-accused, now subject to an Interpol warrant, absconded.
It is noteworthy that Binance had a turnover of over US$20 billion in Nigeria in 2023, surpassing the federal budget for health and education, contributing to currency speculation and the cost-of-living crisis. Furthermore, Binance is not registered in Nigeria, has never paid taxes within the Nigerian jurisdiction, and has operated without oversight or normal safeguards to flag criminal activity.
Idris noted that Binance representatives have faced imprisonment, fines, sanctions, and bans in North America, Europe, and Asia in recent years.
“Changpeng Zhao, the billionaire co-founder and former CEO of Binance, is currently serving a four-month prison sentence in the United States after being found guilty of money laundering, while Binance has openly accepted its role in facilitating terrorism, corruption, sanctions busting, and aiding and abetting paedophile gangs. Law enforcement agencies believe Binance operations in Nigeria are part of a broader international pattern. It will be for the courts here, as in other jurisdictions, to hold the company and its executives accountable,” Idris said.
