Against the backdrop of continuing interest in the ongoing trial of rogue online platform, Binance, and one of its chief executives, who allegedly illegally traded in cryptocurrency in Nigeria, the Minister of Information and National Orientation, Mohammed Idris, has said due processes are being applied in all stages of the trial by the laws of the Federal Republic of Nigeria.
It would be recalled that Binance had a turnover in Nigeria of over US$20 billion in 2023 alone, far above the federal budget for health and education, fueling currency speculation and the cost-of-living crisis. In addition, it is not registered in Nigeria and neither has it ever paid any taxes within the Nigerian jurisdiction, having all the while operated without oversight or any of the normal guardrails to flag criminal activity.