- Binance executive Tigran Gambaryan faces ongoing legal challenges with Nigeria’s Economic and Financial Crimes Commission (EFCC).
- The bail application hearing for Gambaryan has been postponed due to the EFCC’s request for more time to address new issues raised by the defense team.
- Gambaryan is accused of money laundering, allegedly aiding Binance in concealing $35.4 million in revenue from unlawful activities in Nigeria.
- Binance halted naira transactions amidst Nigerian authorities’ accusations, denying claims of exacerbating currency difficulties.
- Another company executive, Nadeem Anjarwalla, faces charges related to alleged manipulation of the Naira and facilitation of illicit fund transactions through Binance.
Legal Proceedings Postponed Again
The legal saga surrounding Binance executive Tigran Gambaryan in Nigeria persists as his bail application hearing faces yet another delay. The Federal High Court in Abuja adjourned the proceedings at the request of the EFCC’s lawyer, E. Iheanacho. The adjournment comes as the defense team raised new points, necessitating additional time for the prosecution to respond adequately. Gambaryan remains in custody since pleading not guilty to money laundering charges.
During the court session, Iheanacho stressed the importance of a fair hearing, arguing that rushing justice would equate to its denial. Meanwhile, Gambaryan’s lawyer, Mark Mordi, advocated for his client’s release, highlighting the prosecution’s lack of response to a new affidavit submitted on April 16. The judge granted the adjournment, rescheduling the hearing for April 22, leaving Gambaryan’s legal fate uncertain.
Binance’s Nigerian Troubles Deepen
Amidst Nigeria’s persistent challenges with chronic dollar shortages, cryptocurrency platforms like Binance gained traction for trading the Nigerian naira. However, Nigerian authorities accused Binance of exacerbating currency difficulties, prompting an investigation by the EFCC. Charges were brought against Binance Holdings Limited, Gambaryan, and another company executive, Nadeem Anjarwalla.
In response, Binance ceased naira transactions, effectively exiting the Nigerian market. Anjarwalla, pursued by Nigerian authorities, was located in Kenya, allegedly fleeing Nigeria with a Kenyan passport. Efforts are underway, involving Interpol and Kenyan authorities, to extradite Anjarwalla back to Nigeria to face charges related to alleged currency manipulation and facilitating illicit fund transactions through Binance.