Binance Executive's Bail Hearing Adjourned Until April 23

A Federal High Court in Abuja has adjourned the bail hearing of Binance executive Tigran Gambaryan until April 23, 2024. Gambaryan was remanded in Kuje Correctional Centre after pleading not guilty to money laundering charges brought against him by the Economic and Financial Crimes Commission (EFCC).

The EFCC accused Gambaryan, Binance Holdings Limited, and another agent, Nadeem Anjarwalla, of conspiring to hide the source of 35,400,000 in alleged unlawful proceeds. The court adjourned the hearing after the EFCC counsel requested more time to respond to a further affidavit filed by Gambaryan's lawyer.

Justice Emeka Nwite stated that the counsel are entitled to respond to each other's processes within the legal time limit. Gambaryan's lawyer, Mark Mordi, argued that the parties could respond immediately so the bail plea could be heard, as Gambaryan has been in detention.

Anjarwalla, who holds both British and Kenyan passports, was arrested in Nigeria in February 2024 along with Gambaryan as part of a tax evasion case against cryptocurrency exchanges. Anjarwalla fled from custody in March and fled Nigeria using his Kenyan passport. The Nigerian government is now working with Kenyan authorities to have him deported back to Nigeria.

The Nigerian government has also filed money laundering charges against Binance, naming Gambaryan and Anjarwalla as respondents. The government is committed to ensuring compliance with tax regulations and tackling any financial misconduct in the cryptocurrency sector.

Why this matters: This case highlights the increasing scrutiny and legal challenges faced by cryptocurrency exchanges operating in Nigeria and other countries. The outcome could set a precedent for how authorities handle alleged financial crimes involving digital assets and the responsibilities of exchange executives.

Gambaryan's legal team has lamented his continued detention in the Kuje correctional center pending his bail application. The case involves international cooperation with INTERPOL, the FBI, and the governments of the UK, Northern Ireland, and Kenya. As the legal proceedings unfold, it may provide insights into the evolving regulatory landscape for cryptocurrencies in Nigeria and the broader implications for the industry.

Key Takeaways

• Binance exec Tigran Gambaryan's bail hearing adjourned to April 23, 2024.
• Gambaryan charged with money laundering, accused of hiding $35.4M in proceeds.
• Co-accused Nadeem Anjarwalla fled Nigeria, authorities working with Kenya for deportation.
• Nigerian govt files money laundering charges against Binance, Gambaryan, and Anjarwalla.
• Case highlights scrutiny of crypto exchanges, could set precedent for digital asset crimes.