Amid continuing interest in the ongoing trial of online platform, Binance and one of its Chief Executives accused of illegally trading in cryptocurrency in Nigeria, Minister of Information and National Orientation, Mohammed Idris has stated that due process is being applied at all stages of the trial in accordance with the laws of the Federal Republic of Nigeria.
The Minister stated this in a statement to newsmen in Abuja on Wednesday, "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 explained that Binance, the defendant in the case has received consular access and all due care, following normal diplomatic protocols and the rule of law.
He added that the judge in the case denied bail to the defendant due to the flight risk after a co-accused, now the subject of an Interpol warrant, illegally absconded.
He noted that Binance had a turnover in Nigeria of over US$20 billion in 2023 alone, far exceeding the federal budget for health and education, fueling currency speculation and the cost-of-living crisis.
Idris highlighted that, in addition, Binance is not a registered company in Nigeria and has never paid any taxes within the Nigerian jurisdiction, having operated without oversight or any of the normal safeguards to detect criminal activity.
The minister noted as important, that Binance is an entity whose representatives have been variously imprisoned, fined, sanctioned, and banned in North America, Europe, and Asia in recent years.
"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 evasion, and aiding and abetting peadophile gangs," the minister noted.
He added that law enforcement agencies believe Binance's operations in Nigeria are part of a broader international pattern, maintaining that it will be for the courts in Nigeria, as in other jurisdictions, to hold the company and its executives accountable.
