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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.

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