The federal government has said that due processes are being applied in all stages in the prosecution of Binance executives.
TheHintsNews reports that the federal government is prosecuting Binance and one of its Chief Executives, who illegally trade in cryptocurrency in Nigeria.
Checks revealed that Binance had a turnover in Nigeria of over US$20 billion in 2023 alone, far above the federal budget for health and education, fueling currency speculation and the cost-of-living crisis.
Also, the crypto platform was not registered in Nigeria and neither has it ever paid any taxes within the Nigerian jurisdiction, while operating without oversight or any of the normal guard rails to flag criminal activity.
The Minister of Information and National Orientation, Mohammed Idris, assured that Binance would have every opportunity to defend itself in court.
Idris in a statement issued Wednesday by his Special Assistant on Media, Rabiu Ibrahim explained that Binance has received consular access and all due care, following normal diplomatic protocols and the rule of law.
He added that the judge in the case has sufficiently posited that bail was denied because of the flight risk, after a co-accused, now the subject of an Interpol warrant, illegally absconded.
The minister said: “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 noted that it was important that Binance is prefaced as an entity whose representatives have been variously imprisoned, fined, sanctioned, and banned in North America, Europe, and Asia, in recent years.
He stressed: “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.”