Federal High Court Remands Binance Ltd Representative in Nigerian Correctional Service

The Federal High Court in Abuja has made a significant decision regarding the case involving Tigran Gambaryan, a representative of Binance Ltd, and the Economic and Financial Crimes Commission (EFCC). The court has remanded Gambaryan in the Nigerian Correctional Service pending the determination of his bail application, despite his claims that he is not an agent of Binance Ltd.

The EFCC had planned to arraign Binance Ltd, Tigran Gambaryan, and Nadeem Anjarwalla for money laundering and foreign exchange contravention amounting to $35,400,000. The court had scheduled their plea in separate suits filed by the Federal Inland Revenue Service (FIRS) and the EFCC.

Gambaryan’s legal team had objected to the arraignment, arguing that he is not authorized to accept service on behalf of Binance as he is not an agent of the company. However, the EFCC maintained that Gambaryan is the cryptocurrency platform’s agent in Nigeria.

In a recent ruling, Justice Emeka Nwite stated that Gambaryan qualifies as an agent of Binance based on the evidence presented. The court proceeded with the arraignment, with Gambaryan pleading not guilty to the charges on behalf of himself and Binance.

The EFCC requested a trial date for Binance and its executives, while Gambaryan’s lawyer requested a bail application. The judge adjourned the case for trial on May 2, 2024, and the bail application hearing on April 18, 2024.

The unfolding legal battle between the EFCC and Binance Ltd highlights the complexities of financial crimes and the importance of proper representation in legal proceedings. Stay tuned for further updates on this developing story.