Binance Money Laundering Case To Resume Next Week

The Federal High Court is set to conduct a hearing next week regarding the money laundering allegations against the cryptocurrency exchange – Binance and two of its executives.

Naija News reports that the court session, initially planned for October 11, has now been rescheduled to September 2.

Binance, along with its executives—Tigan Gambaryan, a U.S. citizen and head of financial crime compliance, and Nadeem Anjarwalla, the exchange’s regional manager for Africa with British-Kenyan nationality—faces charges of laundering over $35 million.

Additionally, Binance recognized as the largest cryptocurrency exchange globally, is also under scrutiny for allegations of tax evasion.

Both Binance and Gambaryan refuted the charges, while Anjarwalla managed to flee custody and left Nigeria before the commencement of the trial.

Gambaryan has been in detention in Nigeria since February, and his health has reportedly worsened during his imprisonment, as indicated by his wife, Yuki Gambaryan, earlier this month.

She has urged the Nigerian authorities to dismiss the charges against her husband and to release him on health grounds while also appealing to the U.S. government for assistance in securing his release.

Naija News reports that the latest hearing schedule, which comes later than initially anticipated, follows a request from the defence attorneys for a change in the date, as stated by the prosecutor on Monday.

Nigeria has attributed its currency’s depreciation to Binance, as cryptocurrency platforms have emerged as preferred venues for trading the Nigerian naira amid ongoing dollar shortages, leading to the naira reaching an unprecedented low.

In March, Binance announced its decision to cease all transactions and trading in naira following a nationwide crackdown on cryptocurrency exchanges, which authorities have accused of contributing to a black market for foreign currency.

It is noteworthy that in July, Gambaryan was brought into the courtroom in a wheelchair. However, when the case was called, he stood up from the wheelchair and walked slowly to the dock, dressed in a black T-shirt and blue jeans.

The EFCC attorney, Ogechi Ujam, informed the court that although the trial was set to continue, the commission’s lead counsel, Ekele Iheanacho, was absent. Ujam requested that the court postpone the matter to allow Iheanacho to conduct the trial.

The legal representatives for Binance, Babatunde Fagbohunlu (SAN) and Mark Mordi, who represented Gambaryan, did not object to this request. Consequently, Justice Emeka Nwite decided to adjourn the matter.

On July 5, Justice Emeka Nwite instructed the Nigerian Correctional Service (NCoS) management to provide Gambaryan’s medical certificate by July 16.

This order was issued following a request from Gambaryan’s attorney, Mordi, who sought to summon the medical doctor from the Kuje Correctional Centre’s health facility to explain the failure to produce his client’s medical report despite a prior court order.