Nigeria Assures Lawful Handling Of Binance Executive Trial As US Intervene

Nigeria Government has reaffirmed its commitment to conducting lawful proceedings in the ongoing trial involving Binance, a prominent cryptocurrency platform, and one of its top executives, Tigran Gambaryan. Minister of Information and National Orientation, Mohammed Idris, underscored that the trial adheres strictly to Nigerian legal protocols.

In a statement released by his media aide, Rabiu Ibrahim, Idris emphasized that due process has been followed at every stage of the trial, with prosecutors confident in the evidence gathered. Notably, Binance has been granted consular access and is receiving necessary care in line with diplomatic protocols and the rule of law. The government’s response follows interventions from the United States, with lawmakers urging President Joe Biden to expedite Gambaryan’s release, asserting his detention’s unjust nature.

US Lawmakers Advocate for Binance Executive’s Release

In a letter dated June 4 addressed to President Biden, Secretary of State Antony Blinken, and Presidential Envoy for Hostage Affairs Roger Carstens, twelve US lawmakers expressed concerns over Gambaryan’s prolonged detention in Nigeria. They argued that the allegations against him were baseless and amounted to coercive tactics targeting Binance.

The lawmakers, including Rich McCormick, Michael T. McCaul, and others, highlighted Gambaryan’s status as a US citizen and urged the transfer of his case to the Office of the Special Presidential Envoy for Hostage Affairs. They emphasized the urgent need for action to ensure Gambaryan’s safety and well-being, citing fears for his life due to inadequate healthcare provision in prison.

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Binance CEO Condemns Detention Amidst Cryptocurrency Crackdown

Richard Teng, Chief Executive Officer of Binance, denounced the Nigerian government’s actions, labeling Gambaryan’s detention as unjust and setting a dangerous precedent for international businesses. Despite Binance’s efforts at cooperation with Nigerian authorities, Gambaryan remained detained under purported reasons. Teng criticized the government’s approach, highlighting the detention of an innocent employee as a departure from the spirit of cooperation and transparency.

This development comes amidst Nigeria’s intensified cryptocurrency crackdown, following the ban on peer-to-peer trading and previous restrictions imposed by the Central Bank of Nigeria. Teng’s remarks underscore the escalating tensions between cryptocurrency platforms and regulatory authorities, raising concerns about the implications for the industry’s future in Nigeria.

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