Nigerian minister of information, Mohammed Idris, says that Binance, the world’s largest cryptocurrency trading platform, is engaging in illegal operations in Nigeria as part of its broader pattern of international terrorism and corruption.

Shortly after U.S. lawmakers accused the Nigerian government in a letter of abducting and holding hostage its citizen, Tigran Gambaryan, Binance’s head of financial crime compliance, Mr Idris, in a statement signed by his spokesperson, Rabiu Ibrahim, dismissed Binance as a ‘rogue platform,’ accusing Mr Gambaryan of illegally trading cryptocurrency in Nigeria.

Citing the trial and conviction of Binance’s founder in the U.S., Mr Idris said, “Binance has openly accepted its role in facilitating terrorism, corruption, sanctions busting, and in aiding and abetting paedophile gangs.

He added, “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.”

The information minister claimed Binance’s illegal operation in Nigeria fueled currency speculation and the cost of living crisis, adding that “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,” Mr Idris said.

With Mr Gambaryan spending over three months in Nigeria’s detention, American lawmakers are pressuring President Joe Biden to intervene for his release.

According to Bloomberg, sixteen Republican congressmen wrote to President Joe Biden on June 4, asking the American president to secure the release of Mr Gambaryan, Binance’s head of financial crime compliance, from Nigerian prison.

“The charges against Mr Gambaryan are baseless and constitute a coercion tactic by the Nigerian government to extort his employer, Binance,” the lawmakers said in the letter. “Following these charges, Mr Gambaryan qualifies as a U.S. citizen wrongfully detained by a foreign government.”

Binance has repeatedly called for the release of Mr Gambaryan so that further negotiations with Nigerian authorities can continue. The U.S. lawmakers’ letter reechoed Binance’s claim that Nigerian officials contacted them asking for a bribe.

Amid the collapse of the Nigerian naira in the international market, the Nigerian government commenced a clampdown on cryptocurrency platforms and Bureau De Change operators, claiming that they aided currency speculators in manipulating and damaging the naira.

Mr Gambaryan and his colleague, Nadeem Anjarwalla, both flew into Nigeria in February for a meeting with National Security Adviser Nuhu Ribadu amid Nigeria’s clampdown on cryptocurrency platforms.

Though Mr Anjarwalla, Binance’s Africa regional manager, escaped from the NSA custody on March 22 and fled the country, Mr Gambaryan has remained in custody facing trial over money laundering charges.

Since the Nigerian government commenced a clampdown on cryptocurrency, blocking Binance’s website to its Nigerian users, the crypto trading giant disabled its P2P function and exited the Nigerian market.

Similarly, other cryptocurrency trading platforms, OKX and KuCoin, have disabled their P2P functions for Nigerian users and delisted naira on their platforms.