Binance executive pleads not guilty to money laundering charges in Nigeria
Cryptocurrency executive pleads not guilty to money laundering charges in Nigeria
Tigran Gambaryan, an executive from cryptocurrency firm Binance, has pleaded not guilty to money laundering charges in a Nigerian court. Gambaryan, a US citizen, was arrested in February along with his colleague Nadeem Anjarwalla, a British-Kenyan dual national. Their detention came as Nigeria accused Binance of being behind the country’s economic turmoil.
Gambaryan rejected five counts of money laundering filed against him by Nigeria’s Economic and Financial Crimes Commission (EFCC) during a hearing on Monday. Following the hearing, he was transferred to Kuje Correctional Centre in Abuja, a facility known for holding inmates ranging from jihadists to politicians.
In a statement released after the hearing, Gambaryan’s wife expressed her distress over her husband being sent to a prison that houses known terrorists and murderers, calling it unacceptable treatment for an innocent man. A spokesperson for Binance stated that the charges against Gambaryan were “meritless” and expressed disappointment over his continued detention.
The EFCC had accused Binance, Gambaryan, and Anjarwalla of laundering $35.4m. Binance, one of the most popular cryptocurrency platforms in Nigeria, was ordered to pay a fine of $10bn in February for currency speculation and fixing exchange rates, which led to the free-fall of the local currency, the naira.
Nigeria has been cracking down on cryptocurrency platforms over allegations of money laundering and financing terrorism. In addition to money laundering charges, Binance and the two executives also face four counts of tax evasion filed by the Federal Inland Revenue Service (FIRS).
Anjarwalla fled the country, prompting Nigerian authorities to work with Interpol for an international arrest warrant. As of Monday, Anjarwalla was not on Interpol’s red notice list for internationally wanted fugitives. The case continues to unfold as the cryptocurrency industry faces increased scrutiny in Nigeria.
