May 28, 2024

The Nigerian court arrested a top manager of Binance.

investigation by Nigerian authorities into Binance
investigation by Nigerian authorities into Binance

On April 8, a court in Nigeria considered a complaint from Binance cryptocurrency exchange’s Vice President for Global Intelligence and Investigations, Tigran Gambaryan, who is accused of tax evasion and money laundering of $35 million. This was reported by DL News.

The top manager did not admit guilt and claimed a violation of his rights. The defense also insists that he should not be held responsible for Binance’s operations in Nigeria.

Nigerian court arrested Binance top managerNigerian court arrested Binance top manager
Source: Daily Post Nigeria.

However, the court rejected this argument, reminding of the educational trainings conducted by Gambaryan for Nigerian officials as a representative of the exchange during past visits.

At the conclusion of the session, the top manager was placed in a maximum-security isolation facility in the capital Abuja at least until April 18. A hearing regarding the possible bail deposit is scheduled for that date.

The trial of Gambaryan and Binance is set for May 2.

Recall, the Nigerian authorities accuse Binance Holdings Limited, Gambaryan, and Binance’s director in West and East Africa, Nadim Anjarwalla, of tax evasion.

They claim that private individuals used the exchange for money laundering nearly $21.6 billion.

Two top managers have been in custody since February 25, but Anjarwalla managed to escape.

Binance was required to provide data of all users from Nigeria and the history of their transactions. The platform was also instructed to settle any outstanding tax obligations.

Binance could potentially face a fine of $10 billion.

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