Richard

2024

April

Tigran Gambaryan, a Binance executive currently detained in Nigeria, collapsed in the Federal High Court in Abuja during his trial for alleged foreign exchange violations and money laundering offenses brought against him by the Nigerian Economic and Financial Crimes Commission (EFCC).
According to local media, Mark Mordi, Gambaryan’s legal representative, <a href="https://nairametrics.com/2024/05/23/binance-executive-gambaryan-slumps-in-abuja-court-during-efccs-forex-contravention-case/" target="_blank" rel="noopener nofollow">notified</a> the court on May 22 that his client had been unwell since the previous trial date and was still experiencing health problems.
Gambaryan previously <a href="https://cointelegraph.com/news/binance-exec-court-delay-nigerian-prison">failed to appear in court</a> on the same day on a separate arraignment for tax evasion charges brought by the Nigerian Federal Inland Revenue Service (FIRS). However, he made it to court for the money laundering charges.
During the money laundering court proceedings, the court registrar called the case. Gambaryan failed to respond and remained seated in the back row. Judge Emeka Nwite, noticing his absence, asked for clarification. In response, Gambaryan’s defense lawyer assisted him to the dock. 
However, Gambaryan suddenly collapsed and required assistance from his lawyer to be seated in a front-row seat. Mordi explained that his client had been unwell and that a written application had been submitted to inform the court of his condition.
Given Gambaryan’s sudden collapse, Mordi sought an adjournment for his client’s medical treatment. Mordi emphasized that proceeding with the case under such circumstances would be untenable. Subsequently, the court set June 20 and 21 for cross-examination and the trial. 
The judge previously <a href="https://cointelegraph.com/news/binance-bail-nigeria-money-laundering-trial">denied Gambaryan’s request for bail</a> on May 16, citing the EFCC’s concerns that he posed a flight risk if released from the Kuje Correctional Centre, where he is currently detained.
Related: <a href="https://cointelegraph.com/news/binance-us-wins-florida-license-appeal">Binance.US wins appeal to reinstate Florida money services license</a>
Gambaryan was <a href="https://cointelegraph.com/news/binance-exec-pleads-not-guilty-nigeria">transferred to the Kuje Correctional Centre</a> in Abuja in April 2024 after pleading not guilty to money laundering charges brought against him by the EFCC.
In March, the FIRS <a href="https://cointelegraph.com/news/binance-tax-evasion-trial-moved-to-may-17-in-nigeria">filed tax evasion charges</a> against Binance and its executives, Gambaryan and Nadeem Anjarwalla. The charges included failure to register with the FIRS, failure to pay company income tax, failure to pay value-added tax and facilitating tax evasion.
The Nigerian government has accused the cryptocurrency exchange of <a href="https://cointelegraph.com/news/nigerian-government-blames-binance-for-its-own-mismanagement">influencing foreign exchange rates</a>, requiring stricter oversight of crypto trading platforms.
Binance CEO Richard Teng recently&nbsp;<a href="https://cointelegraph.com/news/nigerian-officials-coerce-binance-crypto-settlement-scandal">issued a statement</a>&nbsp;suggesting Nigerian officials tried to coerce Binance representatives into a secret settlement paid in cryptocurrency during meetings in early 2024.
On March 5, Binance announced that it would <a href="https://cointelegraph.com/news/binance-cease-all-naira-services">cease all Nigerian naira transactions</a>, effectively exiting the market. Binance also said its peer-to-peer trading platform <a href="https://cointelegraph.com/news/binance-drops-naira-government-scrutiny">delisted all Nigeria naira trading pairs</a> in late February.
Magazine: <a href="https://cointelegraph.com/magazine/cleaning-crypto-how-much-enforcement-needed/">Cleaning up crypto: How much enforcement is too much?</a>

Binance executive collapses during Nigeria trial for money laundering

Cointelegraph

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