Binance US Executive Faces Legal Battle in Nigeria Over Money Laundering Claims

In a significant development unfolding within the corridors of Nigerian judiciary, Tigran Gambaryan, a high-ranking executive of Binance U.S., firmly rebuffed accusations of money laundering in an Abuja High Court on April 8. Gambaryan, standing before the Nigerian Federal High Court, articulated his plea of not guilty as the Nigerian government launched legal proceedings against the leading cryptocurrency exchange.

Amidst the legal contention, the defense counsel for Gambaryan contended that their client was unjustly targeted, asserting that the blame could not be squarely placed on him for the actions purportedly undertaken by Binance Holdings Limited. They highlighted a procedural misstep, claiming that the prosecution had not properly served the company. In a plea for judicial clemency, Binance, on April 3, sought Gambaryan’s liberation, emphasizing his non-involvement in the firm’s executive decision-making processes.

Contrastingly, the Economic and Financial Crimes Commission (EFCC) of Nigeria maintained that the constitution supported the legal action against corporate officers, a stance upheld by Justice Emeka Nwite. Nwite affirmed the federal prosecutors’ adherence to legal standards and reminded of a magistrate court’s dismissal of prior objections to the ongoing case.

The court thereafter mandated Gambaryan’s custody at the Kuje correctional facility, adjourning to April 18 to deliberate on his bail plea, with the trial set to resume on May 2, as reported by Punch.

Gambaryan’s predicament began over a month prior when he, alongside Nadeem Anjarwalla, another senior Binance executive, were apprehended amidst a governmental crackdown targeting the cryptocurrency firm for alleged money laundering, tax evasion, and manipulation of foreign exchange rates. Despite initial accusations concerning forex tampering abating, Nigerian authorities persisted with the litigation.

The saga took a twist as Anjarwalla managed to evade custody and exit Nigeria, prompting international law enforcement attention. As reported by crypto.news, Binance has since pledged cooperation with Nigerian authorities, simultaneously halting its naira-based services, including peer-to-peer transactions, in response to the escalating regulatory scrutiny.

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