BREAKING: Binance to Face Full Legal Scrutiny for Severe Financial Crimes, Says Federal Government
Abuja, June 5, 2024 — The Federal Government has reaffirmed its commitment to upholding due process in the ongoing trial of the online trading platform Binance and one of its Chief Executives, accused of engaging in illegal cryptocurrency activities in Nigeria. Minister of Information and National Orientation, Mohammed Idris, emphasized that all legal procedures are being meticulously followed.
“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 stated.
The Minister assured that Binance and its representatives have been granted consular access and are being treated in accordance with diplomatic protocols and the rule of law. He noted that bail was denied due to the high flight risk, particularly after a co-accused individual absconded, now wanted under an Interpol warrant.
Binance, which reported a turnover of over $20 billion in Nigeria in 2023, surpassing the federal budget for health and education, has been operating without registration, oversight, or tax contributions in Nigeria. This unregulated operation has been linked to currency speculation and exacerbating the cost-of-living crisis.
Idris highlighted Binance’s controversial global footprint, pointing out that the company and its representatives have faced various legal actions worldwide. “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. Binance has openly accepted its role in facilitating terrorism, corruption, sanctions busting, and aiding and abetting paedophile gangs.”
The Minister indicated that law enforcement agencies believe Binance’s activities in Nigeria are part of a broader pattern of international misconduct. “It will be for the courts here, as in other jurisdictions, to hold the company and its executives accountable,” Idris concluded.
The upcoming court proceedings are being closely monitored, with significant implications for both Nigeria’s financial integrity and the global operations of cryptocurrency platforms.
