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Binance Executive Pleads Not Guilty to Money Laundering Charges, Remanded in Prison Pending Trial

Tigran Gambaryan pleads not guilty and requests to be served separately from his colleague, Nadeem Anjarwalla.
Tigran Gambaryan

Tigran Gambaryan, a Binance executive who has been in custody since February, has asserted his innocence regarding money laundering accusations leveled against him by Nigerian authorities. This development comes amidst a broader regulatory crackdown on the cryptocurrency exchange within Nigeria.

Economic and Financial Crimes Commission (EFCC), has accused both Binance and Gambaryan of involvement in money laundering activities, alongside allegations of foreign exchange manipulation. In addition to the EFCC's charges, the crypto exchange faces separate accusations of tax evasion brought forth by the Federal Internal Revenue Service (FIRS).

Gambaryan appeared in court before Justice Emeka Nwite of the Abuja Division of the Federal High Court, where he entered a plea of not guilty to all four counts of money laundering, as reported by the News Agency of Nigeria.

However, Gambaryan's request to be served separately from his colleague, Nadeem Anjarwalla, Binance's regional manager for Africa, who fled the country on March 22, was dismissed by Justice Nwite. As a result, Gambaryan will remain in detention pending the outcome of his bail application, which is scheduled for April 18. The trial is set to commence on May 2.

The Initial Story

The arrests of Gambaryan and Anjarwalla occurred after they traveled to Nigeria in an attempt to address concerns raised by the government regarding Binance's restricted website access. Nigerian authorities had blocked access to the website due to suspicions of manipulation of foreign exchange prices in unofficial markets. These regulatory issues stem from the government's efforts to curb speculation in forex trading, prompted by volatility in the value of the Nigerian naira.

In response to the situation, Binance has called for the release of Gambaryan, emphasizing that he lacks decision-making authority within the company. Additionally, both executives have filed a case in the Federal High Court, alleging violations of their human rights and demanding their release, the return of their passports, and a public apology from the authorities.

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With five years experience in Media, Temmy Samuel's become a modern journalist, delivering impressive reporting about tech, finance, business and science around the world. More About Temmy

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