Recently, a Nigerian High Court in Abuja made the decision to have Tigran Gambaryan, a US citizen and Binance executive, detained in prison. This ruling came just after the postponement of his bail hearing, in which he pleaded not guilty to money laundering charges. Gambaryan’s bail hearing has been rescheduled for April 18, and the trial itself is set to begin on May 2. In the meantime, he is being held at the Kuje Correctional Center, a prominent prison in Nigeria’s capital.
Gambaryan’s troubles started over six weeks ago with his arrest, alongside another Binance executive, Nadeem Anjarwalla. Their arrests were connected to allegations that Binance had contributed to Nigeria’s foreign exchange issues. While Anjarwalla managed to evade captivity and is currently facing trial in absentia, Gambaryan remains in custody. It is important to note that Binance has not yet responded to requests for comments regarding this legal matter.
Gambaryan is facing serious accusations, including numerous counts of money laundering. Despite his legal team’s efforts to distance him from Binance’s operations, claiming he had limited decision-making authority, the judge overseeing the case, Judge Emeka Nwite, dismissed these claims. Judge Nwite pointed out that Gambaryan had represented Binance in Nigeria previously and had even conducted training sessions for Nigerian law enforcement on crypto fraud detection. This led the judge to reject Gambaryan’s position of denial on behalf of Binance.
Furthermore, the judge emphasized the fact that both Gambaryan and Anjarwalla had confirmed their presence and representation of Binance in Nigeria since February. The judge considered Gambaryan’s refusal to acknowledge the charges against Binance as unlawful and rejected his lawyer’s plea to have him detained under the Economic and Financial Crimes Commission.
The legal proceedings surrounding Gambaryan’s case are complex and revealing. It sheds light on the intricate legal framework regarding cryptocurrency businesses in Nigeria and the scrutiny they face. The outcome of Gambaryan’s trial will undoubtedly have implications for Binance and other crypto exchanges operating in the country.