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Binance Executive In Court For Nigerian Taxes Money Laundering

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Binance Executive In Court For Nigerian Taxes Money Laundering

(CTN News) – Two executives from Binance, the world’s largest cryptocurrency exchange, who were detained in Nigeria, appeared in court on Thursday facing charges of tax evasion and money laundering.

Binance and two of its executives have been charged with four counts of tax evasion and laundering over $35 million, including Tigran Gambaryan, who is a US citizen and Binance’s head of financial crime compliance. Nadeem Anjarwalla, who is a British-Kenyan, is the company’s regional manager for Africa.

Gambaryan and Anjarwalla were arrested in Nigeria on Feb. 26 as part of an investigation into Binance’s activities. During his incarceration, Anjarwalla escaped and fled the country.

In his court appearance, Gambaryan was served with the charges for the first time since his detention, and he declined to enter a plea. It is anticipated that he will be formally arraigned on April 8 and 19, respectively, when his plea will be taken against the charges of money laundering and tax evasion.

Nigeria’s Economic and Financial Crimes Commission (EFCC) has not charged itself, but asserted that Gambaryan could be charged on the exchange’s behalf.

Gambaryan’s lawyer Chukwuka Ikuazom objected, stating that he was neither a director, partner, or company secretary of Binance and had not been given written instructions to defend the company.

In addition, Ikuazom argued that, in view of the joint charges against Binance and Gambaryan, he could not take a plea until the first defendant in the case, the exchange, had been served.

An investigation into corruption led investigators to raid the home of a prominent businessman last month.

According to Binance on Wednesday, which did not appear in court and had no immediate comment, it respectfully requested that Gambaryan, who did not have any decision-making power in the organization, not be held accountable while discussions are ongoing with the Nigerian government.

An application for Gambaryan’s release has been filed with a Nigerian court.

When Nigeria faced chronic dollar shortages, cryptocurrency websites emerged as platforms of choice for trading the Nigerian naira currency. Binance has been blamed for Nigeria’s currency woes.

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Salman Ahmad is a seasoned writer for CTN News, bringing a wealth of experience and expertise to the platform. With a knack for concise yet impactful storytelling, he crafts articles that captivate readers and provide valuable insights. Ahmad's writing style strikes a balance between casual and professional, making complex topics accessible without compromising depth.

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