Nigeria Delays Trial of US-based Binance Executive Tigran Gambaryan
Summary:
US-based Binance executive, Tigran Gambaryan, facing tax evasion charges in Nigeria, has had his case postponed to April 19. He will remain in Nigerian custody while charges against Binance and two of its executives continue. This follows allegations that Binance manipulated the Nigerian currency, the naira. Another executive, Nadeem Anjarwalla, reportedly escaped custody. Meanwhile, Changpeng Zhao, former CEO, faces sentencing on April 30 in the US, having pleaded guilty to a felony charge.
Tigran Gambaryan, a U.S. executive for the digital currency exchange Binance who is facing tax evasion charges in Nigeria, has had his case postponed to April 19, as reported by Bloomberg on April 4. He will stay in Nigerian detention as authorities press charges against Binance and two of its executives, with his case delayed two weeks. Gambaryan, alongside Binance executive Nadeem Anjarwalla, travelled to Nigeria in February after allegations had surfaced that the exchange had rigged the naira, Nigeria's local currency.
On March 5, Binance declared it would discontinue all transactions involving the naira, which led to the platform's exit from the Nigerian market. At the time of this announcement, both Gambaryan and Anjarwalla, present in Nigeria, were arrested by local authorities. Reports indicate that the charges they face include tax evasion and engaging in money laundering activities.
Authorities have proceeded with charges against the digital currency platform, with reports stating the proceedings have been delayed until April 8. While Gambaryan remains in custody, Anjarwalla reportedly escaped on March 22, successfully boarding a flight leaving Abuja, Nigeria's capital. A petition, initiated by Gambaryan’s wife to have him returned to the U.S., had gained 1,719 signatures at the time of going to press.
Yuki Gambaryan, in her petition, contended: “The charges against him are a stark irony, given that these are the very crimes he dedicated his life to combat. My husband is innocent and being used as a scapegoat.”
An April 3 blog post from Binance claimed that Gambaryan had “no authoritative position within the company," and called for him to be absolved of responsibility for the platform's actions in Nigeria. When contacted for a statement, Binance did not respond before press time.
Changpeng Zhao, Binance's former CEO, who had recently admitted guilt to a felony charge, remains in the U.S. This guilty plea was part of a $4.3bn settlement with the authorities. A hearing for sentencing is slated for April 30.
Published At
4/4/2024 7:10:11 PM
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