Nigerian Court Delays Binance Money Laundering Trial

The trial of Tigran Gambaryan, an executive from cryptocurrency exchange Binance who has been held in Nigeria since February, has been postponed yet again. According to a report from Reuters on May 2, lawyers representing Binance claimed that they had not received the necessary documents to proceed with a money laundering case involving the company, Gambaryan, and Nadeem Anjarwalla, a regional manager. The trial was originally scheduled to begin on May 2, but it has been delayed until May 17 to allow the legal team to review the documents. It is important to note that this trial is separate from the tax evasion charges that Binance, Gambaryan, and Anjarwalla are facing from Nigeria’s Economic and Financial Crimes Commission.

All parties involved in the money laundering case, including Gambaryan, have pleaded not guilty. A bail hearing for Gambaryan has been scheduled for May 17. It is worth mentioning that both Anjarwalla and Gambaryan traveled to Nigeria in February to address allegations that Binance had manipulated the country’s fiat currency, the naira. They were detained and charged with tax evasion and money laundering. Anjarwalla managed to escape custody and fled to Kenya, where he holds citizenship in addition to the United Kingdom. Interpol reported on April 30 that extradition proceedings for Anjarwalla were underway.

The charges brought by the Nigerian government against Binance and its executives have been criticized by many, with some claiming that they lack merit. The arrests occurred around the same time that Binance announced its intention to end all naira transactions, leading to questions about the timing of the detentions. Binance has stated that Gambaryan had no decision-making authority within the company.

It is also worth mentioning that former Binance CEO Changpeng Zhao recently pleaded guilty to failing to maintain an Anti-Money Laundering program in a separate criminal case in the United States. On April 30, a judge sentenced Zhao to four months in prison, and he is expected to report to a facility in Oregon or Washington at a later date.

4 thoughts on “Nigerian Court Delays Binance Money Laundering Trial

  1. The extradition proceedings for Anjarwalla will undoubtedly impact the outcome of this case. It’s a crucial aspect to consider. ✈️

  2. The timing of the arrests is suspicious. It definitely raises questions about ulterior motives.

  3. So Zhao gets just four months in prison? Is that really enough for his crimes? Justice seems lenient in this case. 😡

  4. The involvement of former CEO Changpeng Zhao adds an intriguing twist to the overall narrative. The plot thickens.

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