Binance Executive Remanded in Kuje Prison on Money Laundering Charges
A Federal High Court in Abuja, Nigeria has ordered Tigran Gambaryan, an executive at cryptocurrency giant Binance, to be held in Kuje Correctional Centre. This decision comes after Gambaryan pleaded not guilty to money laundering charges brought against him by the Economic and Financial Crimes Commission (EFCC) on Monday, April 8th, 2024.
The EFCC accuses Binance, Gambaryan, and another executive, Nadeem Anjarwalla (who remains at large), of concealing the source of $35.4 million in revenue generated by Binance in Nigeria. Prosecutors allege the funds stemmed from illegal activities.
Gambaryan’s lawyer argued for his release into the custody of the anti-graft commission, but the judge ruled for Kuje Prison until a bail hearing on April 18th. The trial itself is scheduled to begin on May 2nd.
This case has drawn attention to the regulation of cryptocurrency businesses in Nigeria. The EFCC has previously expressed concerns about the potential for money laundering and other criminal activity within the cryptocurrency sector. Binance has denied any wrongdoing and maintains it cooperates fully with all regulatory bodies.
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