Jonathan Nwokpor
In light of the ongoing interest in the trial of Binance, a rogue online platform, and one of its executives, who are accused of trading cryptocurrencies illegally in Nigeria, Mohammed Idris, the 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.
“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 said.
The minister clarified that Binance, the defendant, has been granted consular access and has been treated with all due care in accordance with customary diplomatic procedures and the law. The minister also stated that the judge in the case has adequately posited that bail was denied due to the flight risk following the unlawful 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 significantly greater than the federal budget allocated to healthcare and education—which fueled currency speculation and the country’s ongoing cost of living crisis.
Furthermore, it has never paid taxes under Nigerian jurisdiction and is not registered there. It has operated without monitoring or any of the standard safeguards to identify illicit activity.
“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,” Idris said.
Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it.
Drop your comment in the section below, and don’t forget to share the post.
