Nigerian Court Detains Binance Executive

On April 8, a Nigerian court reviewed a complaint by Tigran Gambaryan, Vice President for Global Intelligence and Investigations at cryptocurrency exchange Binance, who is accused of tax evasion and money laundering amounting to $35 million. This was reported by DL News.

The executive pleaded not guilty and claimed his rights were violated. The defense also argues that he should not be held accountable for Binance’s operational activities in Nigeria.

However, the court dismissed this argument, recalling Gambaryan’s educational training sessions for Nigerian officials as a representative of the exchange during past visits.

Following the session, the executive was placed in a high-security detention facility in the capital, Abuja, at least until April 18. A hearing regarding potential bail is scheduled for that date.

The trial concerning Gambaryan and Binance is set for May 2.

Earlier, Nigerian authorities accused Binance Holdings Limited, Gambaryan, and Binance’s Director for West and East Africa, Nadeem Anjarwalla, of tax evasion.

They insist that individuals used the exchange to launder nearly $21.6 billion.

Two executives have been in custody since February 25, although Anjarwalla managed to escape.

Binance has been required to provide data on all Nigerian users and their transaction history. The platform is also obliged to settle any outstanding tax liabilities.

Potentially, Binance could face a fine amounting to $10 billion.