Binance Official Denies Money Laundering Accusations in Nigerian Court

Tigran Gambaryan, a Binance official detained in Nigeria, pleaded not guilty in response to several charges of money laundering.

He claimed his innocence during a court session on April 8, emphasizing his lack of authority over decision-making at Binance, which, he argued, absolves him of accountability for the company's operations in Nigeria.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

How to Make Passive Money with NFT? (Explained!)

SUBSCRIBE

ON YOUTUBE

Gambaryan's bail hearing was postponed to April 18, and a deeper examination of the charges was scheduled for May 2.

He has now been transferred to Kuje prison in Abuja. The official's legal representation sought to transfer him to the Economic and Financial Crimes Commission's custody, a request countered by the EFCC's preference for the standard procedure of detaining accused individuals at the Kuje facility pending trial outcomes.

Gambaryan's wife, Yuki, has reportedly responded to the transfer:

I am beyond heartbroken that my innocent husband is being sent to a prison that houses known terrorists and murderers... it is beyond unacceptable that this is how they are treating a completely innocent man.

This legal battle started when Binance was accused of destabilizing the Nigerian naira and engaging in tax evasion.

Another Binance executive, Nadeem Anjarwalla, was also detained in Nigeria with Gambaryan. However, he escaped custody when the security on duty allowed him to visit a mosque to pray.

The situation serves as a reminder of the urgent need for clear regulatory guidelines within the crypto industry.