Binance executive collapses during Nigeria trial for money laundering

 Gambaryan missed a court appearance for tax evasion charges but attended a money laundering trial on the same day.

 

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 by the Nigerian Economic and Financial Crimes Commission (EFCC).

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

Gambaryan had previously missed a court appearance for a separate arraignment on tax evasion charges brought by the Nigerian Federal Inland Revenue Service (FIRS). However, he did attend court for the money laundering charges.

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

However, Gambaryan suddenly collapsed and needed 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. Consequently, the court set June 20 and 21 for cross-examination and the trial.

The judge had 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. 

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, necessitating stricter oversight of crypto trading platforms.

Binance CEO Richard Teng recently issued a statement suggesting Nigerian officials attempted 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 stated that its peer-to-peer trading platform delisted all Nigeria naira trading pairs in late February.