According to information obtained from local sources, Binance manager Tigran Gambaryan, who was detained by Nigerian authorities in February, denied money laundering charges in a high court today. Gambaryan, who heads Binance's financial crimes unit, will remain in custody until the hearing. Bail can be requested until April 18.
Gambaryan, along with another Binance executive, Nadeem Anjarwalla, was detained amid Nigerian government accusations that Binance helped process illicit funds worth billions of dollars and manipulated the exchange rate for the Nigerian naira currency.
Unexpectedly, Anjarwalla escaped from custody in March. Both executives have since filed lawsuits against the Nigerian government, accusing it of violating human rights.
The Federal Internal Revenue Service (FIRS) in Nigeria accuses Binance, Gambaryan and Anjarwalla of tax evasion. The Economic and Financial Crimes Commission (EFCC) also accused the same people of money laundering.
Despite Binance's statement last week that Gambaryan should not be held responsible for the company's actions because he had no authority to make any decisions, a Nigerian judge allowed the case to proceed. Judge Emeka Nwite argued that Gambaryan and Anjarwalla had previously met with authorities in the country regarding the activities of the cryptocurrency exchange and could therefore be considered representatives of the firm.
*This is not investment advice.