Nigeria’s Minister of Information and National Orientation, Mohammed Idris, has reaffirmed the government’s commitment to the rule of law in the ongoing trial of Binance and its executive. He emphasized that due process is being meticulously followed, despite international interest in the case. Idris assured that Binance would have every opportunity to defend itself against the serious charges of financial crimes brought by the Federal Republic of Nigeria.
Idris highlighted that Binance has been granted consular access and is being treated in accordance with diplomatic protocols. He explained the denial of bail due to the flight risk, citing a co-accused who had previously absconded illegally. He noted that Binance’s operations, which saw a turnover of over $20 billion in 2023, have contributed to currency speculation and a cost-of-living crisis in Nigeria. Moreover, Binance is not registered in Nigeria and has not paid any taxes in the country.
The minister referenced Binance’s international legal issues, including imprisonments, fines, sanctions, and bans in multiple jurisdictions. He mentioned that Binance’s co-founder and former CEO, Changpeng Zhao, is currently serving a prison sentence in the United States for money laundering. Idris concluded that Nigerian courts, like those in other countries, are tasked with holding the company and its executives accountable for their actions.