Binance Executive Remanded in Kuje Prison on Alleged Money Laundering Charges

By Admin

Binance, a leading cryptocurrency exchange company, and one of its executives, Tigran Gambaryan, found themselves at the center of a high-profile case as they were arraigned on Monday before the Federal High Court in Abuja.

The Economic and Financial Crimes Commission (EFCC) brought forth five charges related to money laundering against the duo.

Upon the arraignment, Tigran Gambaryan, representing Binance, pleaded not guilty to all charges before Justice Emeka Nwite.

However, prior to the plea, Gambaryan’s objection to representing Binance was dismissed by the court, which ruled that he had claimed to be a representative of the company in an affidavit and conducted business transactions on its behalf in Nigeria.

The charges, alleged to have occurred between January 2023 and December 2023 in Abuja, are in violation of Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022. One of the counts accused the defendants of engaging in specialized financial activities without the necessary licenses, contravening Section 57(1) and (2) of the Banks and Other Financial Institutions Act, 2020.

Despite Gambaryan’s plea to be remanded in the custody of the EFCC, Justice Nwite denied the request and ordered that he be taken to Kuje Prison pending further legal proceedings.

The court has set April 18 for the hearing of Gambaryan’s bail application and May 2 for the commencement of the trial on the charges.

This legal saga has raised eyebrows within the cryptocurrency community and beyond, as it underscores the growing scrutiny and regulatory challenges facing cryptocurrency exchanges worldwide.