In a high-profile case, Binance executive Tigran Gambaryan appeared before an Abuja High Court on April 8, vehemently denying allegations of money laundering. The Nigerian government initiated legal proceedings against the cryptocurrency exchange, sparking a contentious legal battle.
Legal Wrangle Unfolds: Gambaryan’s Plea and Bail Application
At the heart of the trial, Gambaryan, a senior Binance U.S. executive, stood firm in his plea of not guilty to the money laundering charges. His legal team passionately defended him, emphasizing his detachment from any decision-making role within Binance Holdings Limited. Despite pleas for bail, the court ordered his remand, setting the stage for a protracted legal showdown.
Gambaryan’s lawyers argued vehemently that he should not be held accountable for the actions of the broader Binance entity, citing procedural irregularities in the prosecution’s service to the company. However, the Nigerian Economic and Financial Crimes Commission (EFCC) countered, asserting constitutional provisions that allow the prosecution of company executives.
Justice Emeka Nwite upheld the prosecution’s stance, highlighting the adherence to legal protocols and rejecting previous objections to the case. As the legal battle intensifies, Gambaryan remains in custody, awaiting the court’s decision on his bail application scheduled for April 18.
Extended Detainment: Gambaryan’s 40-Day Sojourn in Nigerian Custody
The saga traces back to late February when Gambaryan and another Binance executive, Nadeem Anjarwalla, found themselves under arrest amidst a government crackdown on the crypto firm. Accusations of money laundering, tax evasion, and forex rate manipulation cast a shadow over Binance’s operations in Nigeria.
Read more: Binance Executives Detained in Nigeria Amid Allegations of Crypto Impact on Currency Crisis
While Gambaryan remained in custody, negotiations ensued, but Anjarwalla evaded detention and fled the country, prompting Interpol’s involvement with an international arrest warrant. Despite the tumult, Binance vowed cooperation with local authorities and ceased its naira services, including the P2P rail, as legal battles loomed large.
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