The Legal Battle of Binance Executive in Nigeria

The Legal Battle of Binance Executive in Nigeria

Recently, a Nigerian High Court in Abuja made a significant decision to remand the detained Binance executive, Tigran Gambaryan, in prison. This decision came after the postponement of his bail hearing. Gambaryan, who is a US citizen, pleaded not guilty to money laundering charges and will not be released until his bail hearing on April 18.

The trial of Gambaryan is set to begin on May 2, and in the meantime, he will be held at Kuje Correctional Center, which is one of the largest prisons in the nation’s capital. This court appearance follows his arrest over six weeks ago, along with another Binance executive, Nadeem Anjarwalla. Anjarwalla, however, managed to escape custody last month and is being tried in absentia.

Gambaryan is facing multiple charges, including five counts of money laundering. His legal counsel argued that he should not be held responsible for Binance’s actions, emphasizing his limited decision-making role within the exchange. However, Judge Emeka Nwite dismissed this argument, pointing out Gambaryan’s prior representation of Binance in Nigeria.

According to the judge, Binance confirmed that Gambaryan had conducted a training session for Nigerian law enforcement agents on detecting crypto frauds, establishing his affiliation with the exchange firm. The judge also highlighted both Gambaryan and Anjarwalla’s presence in Nigeria since February, acting as representatives of the crypto exchange. Subsequently, the judge deemed Gambaryan’s refusal to acknowledge the charges as unlawful.

In addition, the judge rejected Gambaryan’s lawyer’s appeal to detain him under the prosecuting agency, the Economic and Financial Crimes Commission. Binance, on the other hand, has not responded to requests for comment regarding the ongoing legal battle in Nigeria. Overall, it is evident that Gambaryan’s legal situation is complex and raises important questions about corporate responsibility and individual accountability in the cryptocurrency industry.

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