In recent news, a Nigerian High Court in Abuja made the decision to detain Tigran Gambaryan, an executive at Binance, amidst allegations of money laundering. Despite Gambaryan pleading not guilty to the charges, the court ordered him to be remanded in prison until his bail hearing on April 18. The trial is set to begin on May 2, and in the meantime, Gambaryan will be held at the Kuje Correctional Center, one of the largest prisons in the nation’s capital.
Gambaryan’s legal troubles stem from his association with Binance and its alleged involvement in exacerbating Nigeria’s foreign exchange issues. Along with another Binance executive, Nadeem Anjarwalla, Gambaryan was arrested over six weeks ago. While Anjarwalla managed to escape custody last month, he is still facing trial in absentia. The court documents reveal that Gambaryan is facing multiple charges, including five counts of money laundering.
During the court proceedings, Gambaryan’s legal counsel argued that he should not be held accountable for Binance’s actions, emphasizing his limited decision-making authority within the company. Despite this defense, Judge Emeka Nwite dismissed the argument, pointing to Gambaryan’s previous representation of Binance in Nigeria. The judge also highlighted Gambaryan’s involvement in training Nigerian law enforcement on detecting crypto fraud, further indicating his ties to the exchange.
In a significant turn of events, the judge rejected Gambaryan’s refusal to acknowledge the charges on behalf of Binance, deeming it unlawful. Even his lawyer’s appeal to have him detained under the prosecuting agency, the Economic and Financial Crimes Commission, was denied. This highlights the gravity of the situation and the court’s firm stance on holding Gambaryan accountable for his alleged actions.
As the legal proceedings unfold, it is evident that Tigran Gambaryan is facing a challenging battle in court. The allegations of money laundering and his association with Binance have put him in a precarious position. While the outcome of the trial remains to be seen, it is clear that the Nigerian authorities are taking a firm stance against financial crimes, especially within the realm of cryptocurrency exchanges like Binance.