Nigerian Government Defends Binance’s Executive’s Trial Amid International Pressure for His Release

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The Nigerian Minister of Information, Mohammed Idris, has defended the ongoing trial of Binance founder executive Tigran Gambaryan, amid heightened international pressure to release him. Reportedly, Idris said that the ongoing trial of Binance and Gambaryan is in accordance with Nigerian law.

“Due process has been followed at all stages, and prosecutors are confident in their case based on the evidence gathered. Binance will be able to defend itself against these severe financial crime charges. The next hearing is scheduled for June 20, 2024,” Idris noted.

Nigerian Government Under International Pressure 

The Nigerian government has been condemned for holding Gambaryan hostage to force Binance to get involved in negotiations. Already, 12 United States lawmakers have written a letter to President Biden requesting his case to be transferred to the Special President Envoy for Hostage Affairs.

Notably, the court denied Gambaryan’s bail in Nigeria for his risk of flight. Moreover, his counterpart, Naadem Anjarwalla, fled to Kenya earlier this year, prompting heightened security measures for Gambaryan.

Meanwhile, Gambaryan’s health has recently deteriorated, as depicted by the collapse during a recent hearing.

“Mr. Gambaryan’s health and well-being are in danger, and we fear for his life. Immediate action is essential to ensure his safety and preserve his life. We must act swiftly before it is too late,” the US lawmakers noted.

What’s at Stake

The Nigerian government has blamed Binance for its deteriorating economy, especially the Naira, which has drastically lost value globally in the past year. Some reports have indicated that Nigeria is seeking a $10 billion fine from Binance amid extortion claims.