Binance Executive’s Collapse During Nigerian Court Proceedings
Tigran Gambaryan, a Binance executive currently detained in Nigeria, collapsed during his trial at the Federal High Court in Abuja. He faces charges of foreign exchange violations and money laundering brought by the Nigerian Economic and Financial Crimes Commission (EFCC).
According to local reports, Gambaryan’s lawyer, Mark Mordi, informed the court on May 22 that his client had been ill since the previous court date and was still unwell.
Gambaryan missed a court appearance for a separate tax evasion charge brought by the Nigerian Federal Inland Revenue Service (FIRS) but did attend the money laundering trial. When the court registrar called the case, Gambaryan did not respond and remained seated in the back row.
Judge Emeka Nwite requested an explanation, and Gambaryan’s defense counsel escorted him to the dock. Gambaryan then collapsed and needed assistance to take his seat in the front row. Mordi highlighted his client’s illness and filed a written application to notify the court.
Mordi requested a postponement for Gambaryan’s medical treatment, arguing that proceeding with the trial under these circumstances would be unreasonable. The court rescheduled the cross-examination and trial for June 20 and 21.
Legal and Regulatory Challenges
Previously, on May 16, the judge denied Gambaryan’s bail request, citing concerns from the EFCC that he might flee if released from the Kuje Correctional Center, where he is currently held.
In April 2024, the EFCC charged Gambaryan with money laundering, leading to his detention in Abuja’s Kuje Correctional Center.
In March, the FIRS accused Binance and its executives, including Gambaryan and Nadeem Anjarwalla, of tax evasion. The charges included failing to register with the FIRS, not paying corporate income tax, not paying value-added tax, and aiding tax evasion.
The Nigerian government has criticized the cryptocurrency exchange for allegedly affecting foreign exchange rates and has called for stricter regulation of crypto trading platforms.
In early 2024, Binance CEO Richard Teng reportedly claimed that Nigerian officials tried to force Binance representatives into a covert settlement paid in cryptocurrency.
On March 5, Binance announced it would stop processing Nigerian naira transactions, effectively exiting the market. The company also delisted all Nigerian naira trading pairs from its peer-to-peer trading platform in late February.
These developments underscore the regulatory and legal hurdles Binance faces in Nigeria, amidst growing scrutiny of cryptocurrency exchanges and their operations.
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