April

According to local reports, detained Binance executive Tigran Gambaryan has pleaded not guilty to four money laundering charges in Nigeria.
After being arrested in Nigeria in late February, Gambaryan proclaimed his innocence in a courtroom&nbsp;on April 8, local news agency Peoples Gazette <a href="https://gazettengr.com/detained-binance-executive-tigran-gambaryan-pleads-not-guilty-to-money-laundering-charges/" target="_blank" rel="noopener nofollow">reported</a>.
At the hearing, Gambaryan reiterated that <a href="https://cointelegraph.com/news/binance-detained-us-exec-more-charges-nigeria">he should not be held responsible</a> for Binance’s activities in Nigeria because he does not have decision-making authority in the company’s business operations.
Gambaryan’s lawyer, Chukwuka Ikuazom, also contested that his client, even though served with charges of his escaped colleague, could not enter a plea on his behalf.
Judge Emeka Nwite rejected Gambaryan’s defense&nbsp;argument and ruled that he acted as Binance’s representative in past trips to Nigeria, citing local laws.
“A person who has no physical presence in Nigeria but has a physical agent in Nigeria can be duly served through that agent,” the Judge reportedly stated.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/5b32f79a-eb93-41a7-83f7-0cbb1d60ebe9.png" alt="" title="">
 <figcaption style="text-align: center;">
 Tigran Gambaryan sits as he waits to face prosecution for tax evasion and money laundering at the federal high court in Abuja, Nigeria on April 4. Source: Technext24
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As previously reported, Gambaryan’s case was <a href="https://cointelegraph.com/news/binance-law-nigeria-adjourned-april">adjourned until April 19</a> last week. As per the new reports, Gambaryan’s hearing on bail consideration is now adjourned until April 18. Some publications also <a href="https://leadership.ng/just-in-court-remands-binance-executive-in-kuje-prison/" target="_blank" rel="noopener nofollow">reported</a> that hearings on the substantive charge will begin on May 2.
Related: <a href="https://cointelegraph.com/news/binance-ban-philippines-sec-fund-retrieval-investors">Philippines SEC ‘can’t endorse’ ways to retrieve funds after Binance ban</a>
According to the Peoples Gazette, Judge Nwite ordered that Gambaryan be remanded at Kuje prison in Abuja until the case is settled.
Gambaryan’s attorney reportedly asked the court to return the defendant to the Economic and Financial Crimes Commission (EFCC). However, a counsel for the EFCC disputed the suggestion, saying that people accused of similar offenses as Gambaryan are always sent to the Kuje facility pending the court’s decision.
While Gambaryan remains in custody, Nadeem Anjarwalla, Binance’s Africa regional manager, <a href="https://cointelegraph.com/news/binance-executive-escapes-detention-nigeria">escaped and fled&nbsp;Nigeria</a><a href="https://cointelegraph.com/news/binance-executive-escapes-detention-nigeria"></a> in March.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/f5301efd-eb10-4b11-8397-3fa0ed324eab.png" alt="" title="">
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 Escaped Binance Africa regional manager&nbsp;Nadeem Anjarwalla. Source: The Source Magazine
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The EFCC’s charges against Gambaryan and Anjarwalla underscore a broader investigation into Binance’s activities in Nigeria. According to local authorities, the exchange&nbsp;<a href="https://cointelegraph.com/news/binance-presidential-adviser-nigerian-ban">allegedly manipulated and crashed</a> the local fiat currency, the Nigerian naira. Additionally, both Gambaryan and Anjarwalla are accused of tax fraud.
Magazine:&nbsp;<a href="https://cointelegraph.com/magazine/sbf-gets-25-years-in-prison-fidelity-eyes-eth-staking-and-coinbases-court-loss-hodlers-digest-march-24-30/">SBF gets 25 years in prison, Fidelity eyes ETH staking, and Coinbase’s court loss: Hodler’s Digest, March 24-30</a>

Arrested Binance exec pleads not guilty to charges in Nigeria

Cointelegraph

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