Nigerian Court Delays Binance Executive's Trial in Money Laundering Case until May 17
Summary:
Binance executive Tigran Gambaryan's trial in Nigeria, linked to money laundering allegations, has been delayed until May 17 due to the lack of necessary documents. Separately from the money laundering case, Gambaryan and regional manager Nadeem Anjarwalla also face tax evasion charges, to which they've pleaded not guilty. Gambaryan's bail hearing will coincide with the delayed trial date. Anjarwalla, who had fled to Kenya, is undergoing extradition procedures. This is happening amidst criticism against the Nigerian government's charges and Binance's announcement to halt all naira transactions. In a separate US case, former Binance CEO, Changpeng Zhao, received a four-month prison sentence for inadequate anti-money laundering provisions.
Binance's executive, Tigran Gambaryan, who has been in Nigerian custody since February, has had his trial further delayed to May 17 due to document-related complications, as per the news on May 2 from Reuters. Binance legal representatives stated they awaited crucial details for the case related to allegations of money laundering involving both Gambaryan and area manager Nadeem Anjarwalla. Originally set to start on May 2, the judge deferred the trial to May 17, to give the lawyers sufficient time to review the documents. It's important to note that this trial is separate from accusations of tax evasion leveled against Binance, Gambaryan, and Anjarwalla by Nigeria's Economic and Financial Crimes Commission. All implicated parties have entered a plea of not guilty in the money laundering case. Gambaryan's bail hearing is set for May 17. Back in February, Anjarwalla and Gambaryan arrived in Nigeria to address allegations of naira manipulation by Binance. Both were apprehended and charged with tax evasion and money laundering, but Anjarwalla reportedly fled and sought refuge in Kenya, his home country and the UK. There were reports on April 30 that extradition proceedings for Anjarwalla were underway. Critics argue the charges brought by the Nigerian government are baseless. Question marks have been raised about the timing of the arrests, which came just as Binance announced it was suspending all transactions involving the naira. Binance maintains Gambaryan held "no decision-making power" at the crypto company. In an unrelated case in the US, former Binance CEO Changpeng Zhao received a four-month prison sentence on April 30 after admitting guilt for neglected anti-money laundering protocols. It's expected Zhao will serve his sentence in either Oregon or Washington.
Published At
5/2/2024 6:46:03 PM
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