Nigerian High Court Delays $35 Million Money Laundering Trial of Binance Executives to May 17

In Nigeria, Binance’s money laundering trial got postponed to May 17 because their lawyer didn’t get all the papers needed according to reports. This delay also affects Tigran Gambaryan, a Binance executive, who’s still waiting for his bail hearing on the same day in Kuje prison. Besides the money laundering charges, Binance is also accused of tax evasion, adding to their legal troubles. Last month, the tax evasion trial was pushed back for similar reasons.

Today, Binance’s lawyer complained about not having all the evidence, which led to the trial delay. The judge agreed to give more time to check the 300-page evidence properly. This delay will help Binnace’s lawyers review the extensive 300-page document, ensuring both parties have sufficient time to scrutinize the evidence before continuing with the trial.

Despite these setbacks and the increased scrutiny from Nigerian authorities, Binance and its executives still say they’re innocent. They’re ready to defend themselves strongly against all accusations, showing they’re confident in dealing with Nigeria’s legal system.

Furthermore, these legal proceedings happened against the backdrop of regulatory actions initiated by Nigeria’s Economic and Financial Crimes Commission (EFCC). These actions signify the increased attention and scrutiny directed towards entities operating in the cryptocurrency space within the country.

In short, the delay in Binance’s trial shows how complicated dealing with cryptocurrency laws in Nigeria can be. Despite facing serious charges, Binance and its executives remain determined to prove their innocence and handle the legal challenges ahead. Moreover, Nigeria is reportedly demanding $10 billion from Binance, accusing it of manipulating the naira and blaming the exchange for a 70% drop in its value.