Binance Seeks Resolution for Exec Detained in Nigeria Amid Money Laundering Charges

Binance, a major player in cryptocurrency, faces yet another legal challenge, with one of its top executives, Tigran Gambaryan, still held in custody in Nigeria. Richard Teng, the company’s new CEO, is actively working to negotiate Gambaryan’s release with Nigerian authorities.

A $35.4 Million Allegation

Gambaryan, responsible for overseeing financial crime compliance at Binance, is implicated alongside Nadeem Anjarwalla, who has fled the jurisdiction. Both are accused of laundering a staggering $35.4 million. The Economic and Financial Crimes Commission (EFCC) alleges that these funds, supposedly from Binance’s Nigerian operations, were laundered to conceal their illicit origins.

Gambaryan and Anjarwalla were apprehended in Nigeria as representatives of Binance’s alleged financial misconduct. In a previous court session, they were found guilty and detained pending further legal proceedings.

Legal Delays

In Abuja, Justice Emeka Nwite presided over another trial session regarding Gambaryan’s bail application. However, the proceedings hit a snag as the EFCC requested more time to address new matters raised by the defense.

“Our right to a fair hearing must be upheld, as justice rushed is justice denied,”

EFCC counsel E. Iheanacho

CEO’s Intervention: Offering Hope

Richard Teng’s involvement marks a turning point. He is collaborating closely with Nigerian officials to expedite Gambaryan’s release.

Speaking at the Token2049 Crypto Conference in Dubai, Teng affirmed,

“We are working very closely with the Nigerian authorities to try to resolve the matter,”

The continued detention of Gambaryan raises significant humanitarian and corporate governance concerns. “This was a one-off. It’s never happened to us before,” said Vishal Sacheendran, Binance’s Head of Regional Markets, in a Reuters interview, underscoring the unusual nature of the company’s situation. 

Also Check Out: Crypto Regulation In Nigeria 2024

Awaiting the Verdict

The next hearing, now set for April 22, is complicated by the legal intricacies and exacerbated by Nigeria’s currency devaluation and simultaneous lawsuits from the Federal Inland Revenue Service (FIRS) for alleged tax evasion.

The resolution of this legal battle will not only determine Gambaryan’s fate but also shape cryptocurrency regulations in Africa’s largest economy.