Recently, a Nigerian High Court in Abuja made a ruling to detain Tigran Gambaryan, a Binance executive, following the postponement of his bail hearing. Gambaryan, who is a US citizen, pleaded not guilty to money laundering charges and is now set to remain in custody until his bail hearing on April 18. The trial is expected to begin on May 2, and during this time, he will be held at the Kuje Correctional Center, one of the largest prisons in the nation’s capital.
Gambaryan’s current legal troubles stem from his arrest over six weeks ago, along with another Binance executive, Nadeem Anjarwalla, in connection with the exchange’s alleged involvement in exacerbating Nigeria’s foreign exchange difficulties. While Anjarwalla managed to escape custody last month and is now being tried in absentia, Gambaryan faces several charges, including five counts of money laundering.
In his defense, Gambaryan’s legal counsel argued that he should not be held accountable for the actions of Binance, emphasizing his limited decision-making authority within the exchange. However, the judge dismissed this argument, pointing to Gambaryan’s previous representation of Binance in Nigeria. Furthermore, it was revealed that Gambaryan had conducted a training session for Nigerian law enforcement agents on identifying crypto frauds.
Despite Gambaryan and Anjarwalla’s claim that they had been present in Nigeria since February as representatives of the crypto exchange firm, the judge found Gambaryan’s refusal to acknowledge the charges on Binance’s behalf as unlawful. The judge also rejected the lawyer’s appeal to detain Gambaryan under the prosecuting agency, the Economic and Financial Crimes Commission.
The legal challenges facing Binance executive Tigran Gambaryan in Nigeria shed light on the complexities of international financial laws and regulations. It is crucial for individuals operating in the crypto space to be aware of the legal implications of their actions and to ensure compliance with the laws of the jurisdictions in which they operate. As the case unfolds, it will be interesting to see how Gambaryan’s legal defense evolves and how Binance responds to the allegations against its executives.
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