In the case of highly publicized incidents, Binance CEO Tigran Gambaryan appeared at the Abuja High Court on April 8 and strongly denied the money laundering charges. The Nigerian government has launched legal action against a cryptocurrency exchange, sparking a controversial legal battle.
Legal arguments unfold: Gambarian's plea and bail application
Gambaryan, a senior Binance US executive at the center of the trial, took a firm stance, pleading not guilty to money laundering charges. His legal team passionately defended him, emphasizing his removal from any decision-making role within Binance Holdings Limited. Despite his bid for bail, the court ordered his detention, setting the stage for a protracted legal showdown.
Gambarian's lawyers have strongly argued that he should not be held responsible for the actions of the broader Binance enterprise, citing procedural irregularities in the prosecution's provision of services to the company. However, Nigeria's Economic and Financial Crimes Commission (EFCC) countered, arguing that there is a constitutional provision that allows the prosecution of company executives.
Justice Emeka Nwite upheld the prosecution’s position, emphasizing compliance with legal procedures and rejecting previous objections to the case. As the legal battle intensifies, Gambarian remains in custody awaiting the court's decision on his bail application on April 18.
Long detention: Gambarian's 40-day stay in Nigerian custody
The story goes back to late February, when Gambarian and another Binance executive, Nadeem Anjarwalla, were arrested as part of a government crackdown on cryptocurrency companies. Accusations of money laundering, tax evasion, and foreign exchange rate manipulation have cast a shadow over Binance's operations in Nigeria.
Read more: Binance executive detained in Nigeria over alleged influence of cryptocurrency on currency crisis
Negotiations continued while Gambarian was in custody, but Interpol issued an international arrest warrant after Anjarwala evaded detention and fled the country. Despite the uproar, Binance pledged to cooperate with local authorities and suspended Naira services, including P2P Rail, as the legal dispute grew.