According to local reports, Tigran Gambaryan, a detained executive of Binance, has entered a plea of not guilty to four counts of money laundering in Nigeria. Gambaryan, who was arrested in late February, appeared in court on April 8 and reiterated his innocence during the proceedings. His defense emphasized that he held no decision-making authority over Binance's operations in Nigeria and therefore cannot be held responsible for the company's activities in the country.
Gambaryan's lawyer, Chukwuka Ikuazom, argued that his client was unable to plead on behalf of his fugitive colleague, indicating a possible lack of jurisdiction. However, Judge Emeka Nwite rejected these arguments, citing local law and asserting that Gambaryan acted as a representative of Binance during previous visits to Nigeria. Consequently, the judge ordered Gambaryan to be remanded to Kuje prison in Abuja until the case is resolved.
Despite Gambaryan's plea and defense arguments, his bail hearing has been postponed to April 18, with substantive charges scheduled to be heard on May 2. Additionally, Gambaryan's lawyers requested that he be sent back to the custody of the Economic and Financial Crimes Commission (EFCC), but this was disputed by an EFCC lawyer, who stated that defendants accused of similar crimes are typically remanded to the Kuje facility.
Gambaryan's detention is part of a broader investigation into Binance's activities in Nigeria, with allegations of manipulation and destabilization of the local fiat currency, the Nigerian naira, being brought forward by local authorities. Notably, Binance's regional manager for Africa, Nadeem Anjarwalla, fled Nigeria in March amidst the ongoing legal proceedings. Both Gambaryan and Anjarwala have also been charged with tax fraud, underscoring the seriousness of the allegations against them.
