Binance Executive Collapses in Court Amidst Forex Fraud and Money Laundering Charges
Summary:
Binance executive, Tigran Gambaryan, collapsed during his court trial in Nigeria, where he faced allegations of forex fraud and money laundering by the Economic and Financial Crimes Commission. Gambaryan, also involved in another tax evasion case, had been ill since the last trial, according to his attorney. The court postponed the trial in light of Gambaryan's health status. He had been denied bail and is currently held at the Kuje Correctional Centre. Binance and its executives are facing legal accusations in Nigeria, including tax evasion and misconduct in managing foreign exchange rates.
Tigran Gambaryan, a superior officer at Binance who is presently incarcerated in Nigeria, suddenly fell ill during a court hearing at Abuja's Federal High Court, where he was facing charges of alleged forex fraud and money laundering initiated by the Economic and Financial Crimes Commission (EFCC). As per local news sources, his lawyer, Mark Mordi, informed the court on May 22 that Gambaryan had been sick since the last court appearance and was still suffering.
Previously, Gambaryan missed another court hearing on the same day connected to tax evasion allegations by Nigeria's Federal Inland Revenue Service (FIRS). Nevertheless, he managed to attend his trial relating to the money laundering charges.
Gambaryan could not answer when the court registrar announced his case during the trial; he simply sat in the back of the courtroom. After noticing his silence, Judge Nwite asked for an explanation. Gambaryan, looking unwell, was then helped to the defendant's dock by his attorney, only to topple over in the process. His lawyer then helped him to a front-row seat. Mordi clarified to the court that his client's health was poor and that he had submitted a written notice to inform the court of this condition.
Because of his unexpected collapse, Mordi asked for a postponement so that Gambaryan could seek medical attention. He stated that under these circumstances, proceeding with the trial would be impractical. Consequently, the dates set for the next trial and cross-examination are June 20 and 21. Prior to this incident, on May 16, Judge Nwite denied Gambaryan's request for release on bail, noting the EFCC's worry about him being a flight risk if let out from the Kuje Correctional Centre, where he is presently being held.
Related news is that Binance.US won an appeal to restore its money service license in Florida. After pleading not guilty to the charges brought against him by the EFCC, Gambaryan was transported to the Kuje Correctional Centre in Abuja in April 2024.
Tax evasion allegations were filed against Binance as well as its executives, Gambaryan and Anjarwalla, by FIRS in March. The charges included not registering with FIRS, not paying income tax on the company, not paying Value Added Tax, and abetting tax avoidance.
The Nigerian government has charged the cryptocurrency exchange with mediating illegal forex rates and called for stricter supervision of cryptocurrency trading platforms.
Binance CEO Richard Teng protested against this in a statement, suggesting that Nigerian officials tried to pressure Binance officials into a concealed settlement in cryptocurrency during early 2024 discussions.
On March 5, Binance declared its decision to suspend all transactions involving the Nigerian Naira, thus exiting that market. In a late February decision, Binance also delisted all Naira trading pairs from its peer-to-peer trading platform.
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Published At
5/24/2024 10:20:16 AM
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