Binance Executive Tigran Gambaryan Detained in Nigeria Amid Fraud Claims; Former CEO Awaits U.S. Sentencing
Summary:
Binance executive Tigran Gambaryan, detained in Nigeria since February, is set to stay in custody until a bail hearing on May 17. Gambaryan denies charges of tax evasion and money laundering by Nigeria's Economic and Financial Crimes Commission. In a separate case, Changpeng Zhao, former Binance CEO, faces sentencing on April 30 in the U.S. for failing to maintain an Anti-Money Laundering program.
Binance's purview, Tigran Gambaryan, detained in Nigeria since February, is allegedly set to remain in custody until a May 17 bail hearing. In the reports dated April 23 from regional media, it appears Gambaryan will stay under lock and key in the Kuje prison of Nigeria until at least mid-May. It's then a judge will rule on the bail request for the Binance official. He originally flew to Nigeria back in February, joined by his Binance colleague Nadeem Anjarwalla, to address allegations that the cryptocurrency exchange was involved in deceitful dealings with the Nigerian naira.
Both executives found their freedom restrained by Nigerian authorities, as Binance revealed plans to halt all dealings with the naira. Gambaryan was anticipated to be back in the courtroom on April 19 after a delay, with the possibility of bail being discussed on April 22. He has maintained his innocence in response to the accusations of tax evasion and money laundering leveled by the Nigerian Economic and Financial Crimes Commission. He's due to stand trial on May 2.
Anjarwalla apparently managed to break free from custody in Nigeria during March, utilizing his Kenyan passport, as he holds both British and Kenyan citizenship, to depart from Abuja. April 22 reports suggest that he's been arrested by police in Kenya, and there's a possibility he may be transferred back to Nigeria to answer to criminal charges.
The charges laid by the government have been decried by many, as Binance refutes that Gambaryan held any such power over decision-making at the crypto company. On March 30, Gambaryan's wife, Yuki, kick-started a plea for the intervention of both the U.S. State Department, the Economic and Financial Crimes Commission of Nigeria, the Nigerian government and even U.S. President Joe Biden, to bring her husband back to the U.S. As of April 23, her petition had gathered 3,960 signatures.
In a separate but related case within the U.S., former Binance CEO, Changpeng Zhao, is slated for sentencing on April 30 following his admission of guilt relating to insufficiencies in maintaining an Anti-Money Laundering program during his tenure at the exchange. His penalty could include a prison sentence of up to a decade.
Published At
4/24/2024 12:36:21 AM
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