Connect with us

Hi, what are you looking for?

Unorthodox Digital

News

Binance Executive Denies Money Laundering Charges, Faces Remand in Prison

Tigran Gambaryan, Binance Executive

Tigran Gambaryan, a Binance executive detained since February, has entered a plea of not guilty to money laundering accusations leveled against him by Nigerian authorities.

This unfolds amidst Binance grappling with regulatory pressures in Nigeria.

The Economic and Financial Crimes Commission (EFCC) of Nigeria accused Binance and Gambaryan of money laundering and forex manipulation. Furthermore, the Federal Internal Revenue Service (FIRS) brought forth four-count tax evasion charges against the crypto exchange. Last week, both cases were adjourned due to procedural lapses.

Legal Proceedings:

Appearing before Justice Emeka Nwite of the Abuja Division of the Federal High Court, Gambaryan pleaded not guilty to all charges of money laundering. The court dismissed his request for separate proceedings from his colleague, Nadeem Anjarwalla, Binance’s Africa regional manager, who absconded in March.

Remand and Future Proceedings:

Pending his bail application on April 18, Gambaryan will be remanded in Kuje Correctional Centre. The trial is slated to commence on May 2. He and Anjarwalla were apprehended in February while attempting to address the government’s blockade of Binance’s website, linked to suspicions of forex price manipulation.

Nigeria’s government crackdown on forex trading speculation, prompted by naira volatility, has ensnared Binance. In a bid for release, Binance has urged Nigerian authorities to free its detained executive, emphasizing his lack of decision-making authority in the company. Additionally, both executives have filed a human rights violation lawsuit, seeking release, passport restitution, and a public apology.

Subscribe to our Newsletter

Stay updated with the latest trends in African technology!

You May Also Like

Lists & Guides

Welcome to our guide on FCCPC-approved loan apps in Nigeria, where we showcase a selection of trusted digital lending platforms authorized by the Federal...

Nigeria

In today’s fast-paced world, where technological advancements are reshaping industries, real estate stands as a pillar of stability and growth. For Nigerians seeking to...

Lists & Guides

In the ever-evolving world of business, efficiency and innovation are paramount. Companies globally are turning to virtual assistants (VAs) to streamline operations, manage time-consuming...

Ghana

Embarking on a journey to invest in Ghana’s burgeoning real estate market? Look no further! Below is a curated list of top real estate...

×