Binance Faces New Phase In Money Laundering Case

Binance Faces New Phase In Money Laundering Case

The Federal High Court is scheduled to resume hearings next week on the money laundering charges against cryptocurrency exchange Binance and two of its executives. Initially set for October 11, the court session has been rescheduled to September 2, according to Naija News…..CONTINUE READING 

Binance, along with Tigan Gambaryan, the head of financial crime compliance and a U.S. citizen, and Nadeem Anjarwalla, the regional manager for Africa with British-Kenyan nationality, faces allegations of laundering over $35 million. Binance is also under investigation for tax evasion.

While Binance and Gambaryan have denied the charges, Anjarwalla managed to flee Nigeria before the trial began. Gambaryan has been detained in Nigeria since February, with his health reportedly deteriorating, as highlighted by his wife, Yuki Gambaryan. She has called on Nigerian authorities to drop the charges and release him due to health concerns, and has sought assistance from the U.S. government.

The hearing date was moved following a request from the defense attorneys, as noted by the prosecutor. The delay comes amid broader scrutiny of cryptocurrency platforms, which are believed to have exacerbated the depreciation of the Nigerian naira. Binance had announced in March that it would halt transactions in naira due to a crackdown on cryptocurrency exchanges accused of fueling a black market for foreign currency.

In July, Gambaryan appeared in court in a wheelchair, though he stood and walked to the dock when the case was called. The trial was further delayed due to the absence of the EFCC’s lead counsel, Ekele Iheanacho, with Justice Emeka Nwite granting an adjournment. On July 5, Nwite had ordered the Nigerian Correctional Service to provide Gambaryan’s medical certificate by July 16, following a request from Gambaryan’s attorney regarding the lack of a medical report despite a prior court order.

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