The trial of rogue online platform Binance and one of its executives, who are accused of trading cryptocurrency illegally in Nigeria, is still ongoing. In light of this, Mohammed Idris, Minister of Information and National Orientation, has stated that the Federal Republic of Nigeria’s laws are being followed at every stage of the trial to ensure due process.
According to the Minister:
“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.”
In line with customary diplomatic protocol and the law, the minister clarified that Binance, the defendant, has been granted consular access and has been given all necessary care. The judge in the case has adequately posited that bail was denied due to the flight risk following the illegal absconding of a co-accused, who is now the subject of an Interpol warrant.
Recall that in 2023 alone, Binance made over US$20 billion in revenue in Nigeria—a sum that is far greater than the federal budget allocated to healthcare and education—which fueled currency speculation and the country’s ongoing cost of living issue.
Furthermore, it has never paid taxes within Nigerian borders and is not registered there. It has functioned for the whole time without any monitoring or standard checks and balances to identify illegal activities.
According to Idris, Binance is a company whose officials have recently faced a number of penalties, fines, bans, and imprisonment in North America, Europe, and Asia.
Idris said:
“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 in 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.”
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cc: Daily Post Ng
