Amid continuing interest in the ongoing trial of the online platform Binance and one of its chief executives, accused of illegally trading in cryptocurrency in Nigeria, the minister of information and national orientation, Mohammed Idris, has stated that due processes are being applied at all stages of the trial following the laws of the Federal Republic of Nigeria.
In a statement issued to newsmen yesterday in Abuja, Idris 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,” he said.
The minister explained that Binance, the defendant, has received consular access and all due care, following standard diplomatic protocols and the rule of law. He added that the judge denied bail due to the flight risk after a co-accused, now the subject of an INTERPOL warrant, illegally absconded.
He noted that Binance’s turnover in Nigeria was over S$20 billion in 2023 alone, far exceeding the federal budget for health and education, fuelling currency speculation and the cost-of-living crisis.
In addition, the minister noted that Binance is not registered in Nigeria and has never paid any taxes within the Nigerian jurisdiction. It has operated without oversight or any of the normal safeguards to detect criminal activity.
Idris said it is important to note that Binance’s representatives have been variously imprisoned, fined, sanctioned, and banned 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 evasion, and aiding and abetting paedophile gangs.
“Law enforcement agencies believe Binance’s operations in Nigeria are part of a broader.
