Tuesday, February 18, 2025

Binance Executive Pleads Innocence in Nigerian Money Laundering Case

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Originally published on: April 08, 2024

Detained Binance executive, Tigran Gambaryan, has entered a plea of not guilty to charges of money laundering in Nigeria. Gambaryan was arrested in late February and recently appeared in court on April 8 to proclaim his innocence, as reported by local news outlet People’s Gazette.

During the hearing, Gambaryan maintained that he should not be held accountable for Binance’s activities in Nigeria as he does not have decision-making authority within the company’s operations. His lawyer, Chukwuka Ikuazom, argued that Gambaryan could not enter a plea on behalf of his escaped colleague, emphasizing his client’s innocence.

Judge Emeka Nwite rejected Gambaryan’s defense, citing that he had acted as Binance’s representative during previous trips to Nigeria, making him liable under local laws. The case has been adjourned until April 19, with a bail consideration hearing rescheduled for April 18 and substantive charges set to commence on May 2.

Gambaryan has been remanded at Kuje prison in Abuja until the case is resolved, as ordered by Judge Nwite. Despite requests from his attorney to return him to the Economic and Financial Crimes Commission (EFCC), Gambaryan will remain in custody at the prison facility.

This legal saga follows the escape of Nadeem Anjarwalla, Binance’s Africa regional manager, who fled Nigeria in March amidst similar charges. The EFCC’s investigation into Binance’s activities in Nigeria alleges manipulation of the local currency and tax fraud by both Gambaryan and Anjarwalla.

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