- The Nigerian court will hear the Binance money laundering case on September 2, moving the date from October 11.
- Binance and executives Gambaryan and Anjarwalla face $35M laundering charges and tax evasion claims.
A Nigerian court is bringing forward the hearing of a money laundering case involving Binance, the world’s largest cryptocurrency exchange, and two of its executives. The case, initially set for October 11, will now be heard on September 2, involving allegations of laundering over $35 million and tax evasion. This expedited schedule comes after a request from the defense team to accelerate the proceedings amid mounting controversy.
Legal Battle and Controversy Surrounding Binance and Executives
The legal battle has attracted widespread attention, particularly in the context of cryptocurrency regulation and tax issues. Binance and its executives, Tigran Gambaryan, Head of Financial Crime Compliance, and Nadeem Anjarwalla, the regional manager for Africa, have been facing accusations of money laundering and tax evasion. The charges allege that they laundered over $35 million. Both Binance and Gambaryan have consistently denied these allegations. Anjarwalla, however, has fled Nigeria, escaping detention before the trial commenced.
The controversy has deepened with Gambaryan’s prolonged detention. Since his arrest on February 26, Gambaryan’s health has reportedly deteriorated. His wife, Yuki Gambaryan, has publicly urged for his release on humanitarian grounds and has also sought intervention from the U.S. government.
The Federal High Court in Abuja had previously acquitted Gambaryan and Anjarwalla of tax evasion charges in June, but the money laundering accusations remain unresolved.
In a broader context, Binance has faced criticism from Nigerian authorities for allegedly worsening the country’s economic challenges. The Nigerian naira has suffered due to dollar shortages, with crypto exchanges like Binance becoming the primary platforms for trading the naira. This has led Nigerian authorities to crack down on Binance, which has ceased transactions in naira since March.
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