Tigran Gambaryan, head of Binance’s Financial Crime Compliance Department, who has been detained by the Nigerian government since late February, appeared in court on Monday to face charges related to tax evasion and money laundering. He pleaded not guilty but was ruled to be remanded in custody at the Kuje Detention Center in the capital city of Abuja by the judge. Binance expressed rare outrage in response to the ruling and called for the release of the executive.
(Narrative summary:
How did the Binance executive who boldly escaped detention in Nigeria regain his freedom? Binance spokesperson’s statement)
(Background information:
Nigeria accuses Binance of manipulating exchange rates and money laundering! Binance: Compliant and has cooperated multiple times, even assisting in training investigators)
Nigerian government’s major moves in February
Banned
Binance, Coinbase, and other exchanges, and later accused Binance of “manipulating exchange rates,” causing the country’s fiat currency, the Naira, to depreciate by 70%. Binance was also accused of money laundering and tax evasion. Two Binance executives went to Nigeria in late February to seek negotiations with the authorities but were detained by the Nigerian government.
Last month, Nadeem Anjarwalla, the 38-year-old Binance Africa Regional Manager with dual citizenship of the UK and Kenya,
escaped
from the government guesthouse where the two were detained and boarded a plane to leave the country. However, Tigran Gambaryan, an American citizen and head of Binance’s Financial Crime Compliance Department, remained in detention.
Binance executive maintains innocence and is remanded in prison pending trial
According to the latest report by Bloomberg,
Tigran Gambaryan, who had been detained for over 40 days, appeared in court on April 8 to face charges related to tax evasion and money laundering. He pleaded not guilty, stating that he did not have decision-making authority in the company’s operations and should not be held responsible for Binance’s activities in Nigeria.
In response, Judge Emeka Nwite ruled in court to remand Gambaryan at the Kuje Detention Center in the capital city of Abuja. The judge stated that Gambaryan had earlier admitted to visiting Nigeria as a representative of Binance, which “clearly indicates his involvement in the company’s activities within Nigeria and justifies his detention on behalf of his employer.”
In late March, the Federal Inland Revenue Service (FIRS) of Nigeria filed tax evasion charges against Binance and the two detained Binance executives, with the Economic and Financial Crimes Commission (EFCC) subsequently adding money laundering charges totaling over $34 million.
The defendant, Gambaryan, also filed a lawsuit against the Nigerian government last month, demanding that the court order the Office of the National Security Adviser (ONSA) and EFCC to immediately release him and return his confiscated passport, as well as apologize for his detention. Nadeem Anjarwalla, who has already left the country, has also filed a similar lawsuit.
Further reading:
Binance can’t bear it! Detained executive sues Nigerian government: Violation of human rights, release immediately
Binance calls for the release of the executive
Regarding the ruling to remand Gambaryan, a spokesperson for Binance called for the court to release the company executive in a statement:
Gambaryan’s wife, Yuki Gambaryan, also pleaded for the Nigerian authorities to release her husband and sought assistance from the US government in a statement.
Judge Nwite has scheduled a bail hearing for Gambaryan on April 18 and the trial will be held on May 5.
Related Reports
Nigeria demands Binance to provide personal information and transaction records of the top 100 users! Negotiations at a deadlock
Nigeria demands $10 billion from Binance! Accuses Binance of manipulating exchange rates, causing a 70% depreciation of the Naira, severely impacting the economy
Nigeria’s central bank to introduce compliant “cNGN stablecoin” as a legal tender by 2024