Crypto News Today- Binance Executive Denied Bail in $35 Million Money Laundering Trial in Nigeria

Nigeria Refuses Bail for Binance Executive Denied $35M Money Laundering Trial

Crypto News– Justice Emeka Nwite of Nigeria’s Federal High Court in Abuja has denied bail for Binance executive Tigran Gambaryan. Gambaryan and Binance are accused of money laundering and tax violations in Nigeria.

Reportedly, The Nation, a Nigerian news outlet, stated that Nwite concurred with the prosecution’s claim that Gambaryan could flee. The judge emphasized the seriousness of the charges and the need to consider various factors when deciding on bail.

Binance Executive Faces Nigerian Money Laundering Trial

The trial of Binance’s head of financial crime compliance, accused in a $35 million money laundering case, commenced on Friday.

Gambaryan has been held in custody in Nigeria since arriving in late February, intending to discuss the cryptocurrency exchange’s operations with the government.

The Nigerian Economic and Financial Crimes Commission is pursuing the money laundering case, while the Federal Inland Revenue Service of Nigeria is overseeing the tax violation charge. Gambaryan pleaded not guilty to the money laundering accusation on April 8.

Binance CEO Advocates for Gambaryan’s Release

Binance CEO Richard Teng has publicly called for the release of Gambaryan, the crypto exchange’s compliance officer, asserting his innocence.

Gambaryan, a U.S. citizen responsible for financial crime compliance at Binance, along with Nadeem Anjarwalla, Binance’s Africa regional manager, were detained on February 26 upon arrival in Nigeria’s capital, Abuja. Subsequently, on February 28, they faced criminal charges of tax evasion and money laundering. Anjarwalla later managed to escape custody on March 22.

FAQs

For the latest in crypto updates, keep tabs on Crypto Data Space.