Amidst the ongoing trial of the controversial online platform Binance and its top executives, who stand accused of engaging in illegal cryptocurrency trading in Nigeria, the Minister of Information and National Orientation, Mohammed Idris, has emphasized the adherence to due process in all stages of the trial, in accordance with the laws of the Federal Republic of Nigeria.
Idris stated, “We have followed due process at every step, and the prosecution is confident in their case based on the gathered facts and evidence.
Binance will have a fair chance to present their defense in court against the grave charges of financial crimes against the Federal Republic of Nigeria. The next hearing is scheduled for June 20, 2024.”
The minister clarified that Binance, as the defendant, has been granted consular access and has received appropriate care, following standard diplomatic protocols and the rule of law.
He further mentioned that the presiding judge denied bail due to the flight risk posed by a co-accused, who is now the subject of an Interpol warrant, having absconded illegally.
Notably, Binance recorded a turnover of over US$20 billion in Nigeria in 2023 alone, surpassing the federal budget allocation for health and education.
This has fueled currency speculation and exacerbated the cost-of-living crisis in the country.
Additionally, Binance is not registered in Nigeria and has never paid any taxes within the Nigerian jurisdiction. It has operated without oversight or regulatory measures to monitor potential criminal activities.
Idris highlighted that Binance and its representatives have faced imprisonment, fines, sanctions, and bans in various jurisdictions across 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 convicted of money laundering.
Binance has openly acknowledged its role in facilitating terrorism, corruption, sanctions violations, and assisting pedophile networks,” Idris stated.
Law enforcement agencies believe that Binance’s operations in Nigeria are part of a broader international pattern. It is now up to the courts, both in Nigeria and other jurisdictions, to hold the company and its executives accountable for their actions, as per Idris.
