Nigerian Authorities defend Binance’s Gambaryan Detention amid Criticism by US Lawmakers

Nigerian authorities on Wednesday defended Binance’s Tigran Gambaryan detention amid criticism by US lawmakers. 

According to Nigeria's Minister of Information and National Orientation, Mohammed Idris, the executive of Binance, Gambaryan, is being tried for illegal cryptocurrency trading in Nigeria, in accordance with local laws. 

Idris stated that the legal procedure has been adhered to strictly at every stage and that the prosecution is confident in their case because of the evidence they have gathered.  Based on the evidence gathered, prosecutors are confident in their case, and Idris reportedly stated that the legal proceedings have followed due process at every stage. He mentioned that on June 20, 2024, Binance will have another chance to defend itself in court against the serious financial crime allegations. 

The minister's remarks come in response to a recent plea to President Joe Biden from 16 US lawmakers asking the US government to use its hostage affairs division to help free Gambaryan from Nigerian authority, which is being held on allegations of tax evasion and other economic crimes. 

Congressmen Rich McCormic, Michael McCaul, Barry Loudermilk, and other prominent US politicians claimed in a letter addressed to President Biden, Secretary of State Anthony Blinken, and Presidential Envoy for Hostage Affairs Roger Carstens dated June 4 that Mr. Gambaryan was being wrongfully detained and demanded immediate action to prevent the situation from getting worse.

🚨NEW: House members including Chairman @RepMcCaul of the @HouseForeignGOP have sent a letter to @POTUS, @SecBlinken and @StateSPEHA urging them to bring detained @binance employee Tigran Gambaryan home. 

According to the letter, Gambaryan has contracted malaria and is being… pic.twitter.com/XCRyS8IPUT

— Eleanor Terrett (@EleanorTerrett) June 4, 2024

Gambaryan was not present at a court hearing on May 22, and it appeared that neither the court nor the defense team knew where he was or how he was feeling. According to the letter from US lawmakers, Gambaryan was present when the court reconvened the following day but "slumped over in his chair" and was unable to stand when called, collapsing to the floor. The judge mandated that Gambaryan be sent to a private hospital for treatment amid rumors that he had tested positive for malaria. The lawmakers claimed that, as of June 4, the prison had not complied with the court order in its entirety. 

According to diplomatic protocol and the rule of law, Mr. Gambaryan has received consular access and appropriate care, Idris stated. He continued by saying that flight risk considerations were the reason bail was denied, especially in light of the fact that one of the co-accused had fled and was wanted by Interpol. 

The Nigerian minister emphasized that despite having a turnover of more than $20 billion in 2023, Binance had operated in Nigeria without the required registration or tax payments, underscoring the way that Binance's activities had exacerbated the country's problems with currency speculation and the cost of living. 

Binance and its executives are facing two separate suits, including money laundering, tax evasion, and currency speculation amounting to $34,400,000, by the Federal Inland Revenue Service and the Economic and Financial Crimes Commission.

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