Binance Official Denies Accusations in Nigerian Court

Key Takeaways

  • Tigran Gambaryan, a Binance official detained in Nigeria, denied all money laundering allegations, asserting a lack of authority over decision-making in the company;
  • Gambaryan’s bail review is scheduled for April 18 and a detailed examination of the charges on May 2;
  • He was now moved to Kuje prison in Abuja.

Tigran Gambaryan, a Binance official detained in Nigeria, pleaded not guilty in response to several charges of money laundering.

He claimed his innocence during a court session on April 8, emphasizing his lack of authority over decision-making at Binance, which, he argued, absolves him of accountability for the company’s operations in Nigeria.

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Gambaryan’s bail hearing was postponed to April 18, and a deeper examination of the charges was scheduled for May 2.

He has now been transferred to Kuje prison in Abuja. The official’s legal representation sought to transfer him to the Economic and Financial Crimes Commission’s custody, a request countered by the EFCC’s preference for the standard procedure of detaining accused individuals at the Kuje facility pending trial outcomes.

Gambaryan’s wife, Yuki, has reportedly responded to the transfer:

I am beyond heartbroken that my innocent husband is being sent to a prison that houses known terrorists and murderers… it is beyond unacceptable that this is how they are treating a completely innocent man.

This legal battle started when Binance was accused of destabilizing the Nigerian naira and engaging in tax evasion.

Another Binance executive, Nadeem Anjarwalla, was also detained in Nigeria with Gambaryan. However, he escaped custody when the security on duty allowed him to visit a mosque to pray.

The situation serves as a reminder of the urgent need for clear regulatory guidelines within the crypto industry.

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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