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Detained Binance Executive Pleads Not Guilty
Detained Binance executive Tigran Gambaryan has pleaded not guilty to four counts of money laundering charges in Nigeria. Gambaryan maintained his innocence during a courtroom hearing on April 8, as reported by local news agency Peoples Gazette.
Gambaryan’s Defense and Court Proceedings
- Gambaryan emphasized that he should not be held accountable for Binance’s activities in Nigeria.
- His lawyer argued that Gambaryan could not enter a plea on behalf of his escaped colleague who was also served with charges.
- Judge Emeka Nwite rejected Gambaryan’s defense argument and ruled that Gambaryan acted as Binance’s representative during previous trips to Nigeria.
Adjournment and Bail Consideration
The case was adjourned until April 19, and the hearing for bail consideration has been further adjourned to April 18. Hearings on the substantive charges will commence on May 2.
Remand and Legal Proceedings
Judge Nwite ordered Gambaryan to be remanded at Kuje prison in Abuja until the conclusion of the case. Gambaryan’s attorney requested that the defendant be returned to the custody of the Economic and Financial Crimes Commission (EFCC).
Charges and Allegations
- The charges brought by the EFCC against Gambaryan and Anjarwalla are part of a broader investigation into Binance’s activities in Nigeria.
- Local authorities allege that Binance manipulated and devalued the Nigerian naira, the country’s fiat currency.
- Both Gambaryan and Anjarwalla face accusations of tax fraud.
Regulatory Troubles and Past Incidents
Binance has faced increasing regulatory scrutiny worldwide. Last year, the Commodity Futures Trading Commission (CFTC) filed charges against Binance for allegedly operating an illegal digital asset derivatives exchange and evading federal laws.
Similarly, the US Securities and Exchange Commission charged Binance Holdings LTD and ex-CEO Changpeng Zhao (CZ) for allegedly operating unregistered exchanges, broker exchanges, clearing houses, and the unregistered offer and sale of securities.
Binance and CZ pleaded guilty to a range of federal charges, including anti-money laundering violations and unlicensed money transmission, on November 21, 2023. CZ later resigned as the CEO of Binance, which was part of the agreement with the DOJ.
Last month, a group of investors who sought to sue the exchange, its former CEO Changpeng Zhao, and other executives were given a fresh chance to pursue their case.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
