Binance executive collapses during Nigeria trial for money laundering

cyptouser1 months agoCryptocurrencies News41
55966e89>

Tigran Gambaryan, a Binance executive currently detained in Nigeria, collapsed in the Federal High Court in Abuja during his trial for alleged foreign exchange violations and money laundering offenses brought against him by the Nigerian Economic and Financial Crimes Commission (EFCC).

According to local media, Mark Mordi, Gambaryan’s legal representative, notified the court on May 22 that his client had been unwell since the previous trial date and was still experiencing health problems.

Gambaryan previously failed to appear in court on the same day on a separate arraignment for tax evasion charges brought by the Nigerian Federal Inland Revenue Service (FIRS). However, he made it to court for the money laundering charges.

During the money laundering court proceedings, the court registrar called the case. Gambaryan failed to respond and remained seated in the back row. Judge Emeka Nwite, noticing his absence, asked for clarification. In response, Gambaryan’s defense lawyer assisted him to the dock.

However, Gambaryan suddenly collapsed and required assistance from his lawyer to be seated in a front-row seat. Mordi explained that his client had been unwell and that a written application had been submitted to inform the court of his condition.

Given Gambaryan’s sudden collapse, Mordi sought an adjournment for his client’s medical treatment. Mordi emphasized that proceeding with the case under such circumstances would be untenable. Subsequently, the court set June 20 and 21 for cross-examination and the trial.

The judge previously denied Gambaryan’s request for bail on May 16, citing the EFCC’s concerns that he posed a flight risk if released from the Kuje Correctional Centre, where he is currently detained.

Related: Binance.US wins appeal to reinstate Florida money services license

Gambaryan was transferred to the Kuje Correctional Centre in Abuja in April 2024 after pleading not guilty to money laundering charges brought against him by the EFCC.

In March, the FIRS filed tax evasion charges against Binance and its executives, Gambaryan and Nadeem Anjarwalla. The charges included failure to register with the FIRS, failure to pay company income tax, failure to pay value-added tax and facilitating tax evasion.

The Nigerian government has accused the cryptocurrency exchange of influencing foreign exchange rates, requiring stricter oversight of crypto trading platforms.

Binance CEO Richard Teng recently issued a statement suggesting Nigerian officials tried to coerce Binance representatives into a secret settlement paid in cryptocurrency during meetings in early 2024.

On March 5, Binance announced that it would cease all Nigerian naira transactions, effectively exiting the market. Binance also said its peer-to-peer trading platform delisted all Nigeria naira trading pairs in late February.

Magazine: Cleaning up crypto: How much enforcement is too much?

The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

Ark Invest Bitcoin ETF will ‘not provide investors with direct exposure to spot bitcoin’

Ark Invest Bitcoin ETF will ‘not provide investors with direct exposure to spot bitcoin’

The ARK 21Shares Bitcoin ETF filing has had an amendment to its language, transitioning from providi...

Indonesian NFT 'selfie guy' makes $1.8M in memecoin comeback

Indonesian NFT 'selfie guy' makes $1.8M in memecoin comeback

25cc9d4a˃The Indonesian college student who earned a million dollars selling nonfungible tokens (NFT...

Top Ethereum Layer-2 networks adopt Avail DA to boost rollup efficiency and security

Several top Ethereum Layer-2 (L2) networks, such as Arbitrum, Optimism, Polygon, zkSync, and Starkwa...

Beware of fake work-from-home jobs, it’s a ploy to steal your crypto

Beware of fake work-from-home jobs, it’s a ploy to steal your crypto

55966e89˃Be cautious of an employer who demands you send them cryptocurrency to start your dream job...

Visa, Mastercard could be key drivers for crypto in the year ahead

Visa, Mastercard could be key drivers for crypto in the year ahead

b98df8a0˃Bitcoin (BTC) has surged this year thanks to an influx of money from traditional institutio...

Can stablecoins save US freelancers from Venmo fee hike? Industry weighs in

Can stablecoins save US freelancers from Venmo fee hike? Industry weighs in

55966e89˃Following news of mobile payment service Venmo’s transaction fee hike, Farcaster co-founder...