$63,671.28
-0.98%
$3,415.92
-2.42%
$74.00
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$23.66
-2.42%
$163.86
-2.31%
$0.00
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$22.81
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$0.12
+0.43%
$19.57
-2.66%
$0.00
-0.15%

Due Process Are Followed in Nigeria vs Binance Exec. Trials


In the ongoing trial involving the Nigeria government accusing Binance and one of its chief executives, of illegally trading in cryptocurrency in Nigeria, the Minister of Information and National Orientation, Mohammed Idris, has affirmed that due process is being followed at every stage, in accordance with the laws of the Federal Republic of Nigeria.

Idris said, “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.”

While following normal diplomatic protocols and the rule of law, it was expounded by the minister that Binance which is also known as the defendant has undergone consular access along with all necessary care. His Honour denied bail based on flight risk since one co-accused disappeared and is now under an Interpol warrant.

Notably, the $20 billion turnover that Binance registered in 2023 alone in Nigeria was surpassing what was provided by federal budgets for healthcare and education thus promoting speculation around money markets and cost of living crises. Also, the crypto exchange was reported to operate without any surveillance or paying taxes to the government of Nigeria.

He further emphasized that Binance had a troubled past in which its representatives were fined, imprisoned, sanctioned, and banned in various parts of the world. Changpeng Zhao, the billionaire co-founder and former CEO is now serving a four-month sentence for money laundering in the U.S.

According to Idris, “Law enforcement agencies believe Binance operations in Nigeria are part of a broader international pattern. It will be for the courts here, as in other jurisdictions, to hold the company and its executives accountable.”





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