FG ensures due process in Binance executive’s cryptocurrency trial

Estimated reading time: 2 minutes

The Federal Government has assured that all due processes are being followed in the ongoing trial of Binance and one of its chief executives involved in cryptocurrency trading.

In a statement signed by his media aide, Rabiu Ibrahim, on Wednesday, Minister of Information and National Orientation, Mohammed Idris, said that the defendant has received consular access and due care in line with standard diplomatic protocols but must face serious charges of financial crimes against the Federal Republic of Nigeria.

“Due process has been followed at all stages, and prosecutors are confident in their case based on the evidence gathered,” Idris said.

ALSO READ

• Nigerian Govt cites economic concerns in crackdown on Binance
• Nigeria slams Binance with $10bn fine, escalating crypto crackdown
• FG imposes $10bn fine on Binance for alleged role in Nigeria’s forex crisis
• CBN Gov raises concerns about $26bn transacted through Binance
• Binance navigates uncertainties in Nigeria — Compliance efforts amidst regulatory scrutiny

The Minister stated that the government believes Binance’s operations in Nigeria are part of a broader international pattern, with the company’s turnover in Nigeria reaching over twenty billion dollars in 2023, contributing to currency speculation and the cost of living crisis.

The government expressed hope that the courts will dispense justice accordingly in the case, which has been adjourned to June 20, 2034.

“Binance will have the opportunity to defend itself against these severe financial crime charges. The next hearing is scheduled for June 20, 2024.”

According to Idris, Binance is not registered in Nigeria, has never paid taxes in the country, and has operated without regulatory oversight or safeguards to detect criminal activity.

Idris also pointed to Binance’s troubled legal history globally. “Changpeng Zhao, the billionaire co-founder and former CEO of Binance, is currently serving a four-month prison sentence in the United States for money laundering.

“Binance has admitted to facilitating terrorism, corruption, sanctions evasion, and aiding paedophile gangs.

“Law enforcement agencies believe Binance’s operations in Nigeria are part of a broader international pattern. It is up to the courts here, as in other jurisdictions, to hold the company and its executives accountable,” Idris concluded.