The trial of Binance executive Tigran Gambaryan, detained in Nigeria since February, has encountered another delay, reportedly postponed to May 17 due to a court delay.
According to Reuters on May 2, legal representatives for Binance disclosed that they had not yet received the necessary documents to proceed with a money laundering case involving Gambaryan, the company, and regional manager Nadeem Anjarwalla. Initially set to commence on May 2, the trial was deferred until May 17 to allow the legal team sufficient time to review the awaited documents.
The legal proceedings are distinct from the tax evasion charges lodged against Binance, Gambaryan, and Anjarwalla by the Nigeria Economic and Financial Crimes Commission. All parties implicated in the money laundering case have entered pleas of not guilty. Gambaryan's bail hearing is slated for May 17.
In February, Anjarwalla and Gambaryan journeyed to Nigeria to address allegations of Binance's involvement in manipulating the country’s fiat currency, the naira. Subsequently, authorities apprehended the duo, levying charges of tax evasion and money laundering. However, Anjarwala reportedly managed to evade custody and flee to Kenya, where he possesses Kenyan citizenship along with British citizenship. Interpol indicated progress in extradition proceedings against Anjarwala as of April 30.
Critics have lambasted the Nigerian government's accusations as lacking substantiation. The detention of two Binance executives coincided with the company's announcement of its intention to cease all naira trading, prompting scrutiny regarding the timing of the arrests. Binance emphasized that Gambaryan lacked decision-making authority within the cryptocurrency firm.
In a separate criminal case in the United States, former Binance CEO Changpeng Zhao pleaded guilty to a charge of failing to maintain an anti-money laundering program. On April 30, a judge sentenced Zhao to four months in prison. He is slated to report to a facility in Oregon or Washington state, with the specific date yet to be determined.
