Nigerian Court Detains Binance Executive,Tigran in Kuje Prison, Sets Date For Trial

The Economic and Financial Crimes Commission (EFCC) has taken action against Binance Holdings Ltd and Tigran Gambaryan, a senior executive of the company, bringing them before Justice Emeka Nwite at the Federal High Court in Abuja, Nigeria.

The charges laid against them, as announced by the EFCC, encompass alleged tax evasion, currency speculation, and a considerable money laundering accusation involving $34.4 million.

During the proceedings, Gambaryan contested his role within Binance, claiming he wasn’t acting in any official capacity for the company in Nigeria. Nevertheless, Justice Nwite referenced an affidavit from Gambaryan acknowledging his visit to Nigeria with Nadeem Anjarwalla for a meeting with government officials on behalf of Binance. His admission of joining Binance in September 2021 further solidified his connection to the charges, leading to the dismissal of his objection against the arraignment.

The allegations against Binance and Gambaryan are grave, implicating them in operating without a valid license and engaging in unauthorized foreign exchange negotiations in Nigeria. Despite Gambaryan’s plea of not guilty to the charges, the prosecution, led by Ekele Iheanacho, pushed for setting a trial date, emphasizing the gravity of the allegations.

In a bid for leniency, Gambaryan’s defense, spearheaded by Mark Mordi, SAN, requested bail on account of Gambaryan’s foreign nationality and over 40 days spent in detention, arguing the unlawfulness of his continued detainment. Mordi advocated for Gambaryan’s remand in EFCC custody rather than a correctional center, a plea that was met with opposition from the prosecution, asserting the lawfulness of the detention under the circumstances.

As a result, Justice Nwite has scheduled April 18, 2024, for the hearing of bail applications and set May 5, 2024, as the commencement date for the trial. Furthermore, he ordered that Gambaryan be remanded in the Kuje Correctional Centre, marking a pivotal moment in this case.