Key Points:

• Binance executive Tigran Gambaryan pleads not guilty to money laundering charges in Nigeria, detained pending trial.
• Gambaryan’s defense of lacking decision-making power in Binance’s African operations was dismissed by a Nigerian court.
• Nigerian authorities investigate Binance for unlicensed operations, highlighting regulatory challenges facing cryptocurrency exchanges.

According to DL News, Tigran Gambaryan, a Binance executive, has pleaded not guilty to money laundering charges in Nigeria and has been remanded in custody pending trial.

Binance Executive Faces Money Laundering Charges in Nigeria

The legal proceedings unfolded after Gambaryan and his colleague, Nadeem Anjarwalla, were detained in Nigeria in February.

Gambaryan’s defense, contending that he lacked decision-making power over Binance’s African operations, was dismissed by Justice Emeka Nwite. Nwite referenced Binance’s recent statements designating Gambaryan as a company agent, contradicting his claims.

Despite Gambaryan’s prior assistance in recovering crypto crime proceeds for Nigerian officials, the judge deemed his defense inadequate. Consequently, the Binance executive faces detention in Kuje Prison until at least April 18, pending a bail hearing.

Nigerian Authorities Probe Binance’s Unlicensed Operations

These developments represent a significant escalation in Gambaryan’s legal situation. Previously under house arrest, he now confronts a five-count, $35 million money laundering indictment.

Binance, the cryptocurrency exchange Gambaryan represents, also faces charges of currency manipulation and facilitating illicit fund transfers in Nigeria. Despite regulatory challenges, Binance denies wrongdoing and emphasizes compliance with regulations across jurisdictions.

Nigerian authorities’ investigation into Binance’s unlicensed operations has prompted heightened scrutiny. Despite the government’s lifting of the ban on cryptocurrency trading, new regulations impose stringent registration and operational fees.

Binance

Binance Executive

Nadeem Anjarwalla

nigeria

Tigran Gambaryan

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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News

Binance Executive Gambaryan Objects to Court Charges, Returns To Jail Waiting for Next Trial

Key Points:

• Binance executive Tigran Gambaryan pleads not guilty to money laundering charges in Nigeria, detained pending trial.
• Gambaryan’s defense of lacking decision-making power in Binance’s African operations was dismissed by a Nigerian court.
• Nigerian authorities investigate Binance for unlicensed operations, highlighting regulatory challenges facing cryptocurrency exchanges.

According to DL News, Tigran Gambaryan, a Binance executive, has pleaded not guilty to money laundering charges in Nigeria and has been remanded in custody pending trial.

Binance Executive Faces Money Laundering Charges in Nigeria

The legal proceedings unfolded after Gambaryan and his colleague, Nadeem Anjarwalla, were detained in Nigeria in February.

Gambaryan’s defense, contending that he lacked decision-making power over Binance’s African operations, was dismissed by Justice Emeka Nwite. Nwite referenced Binance’s recent statements designating Gambaryan as a company agent, contradicting his claims.

Despite Gambaryan’s prior assistance in recovering crypto crime proceeds for Nigerian officials, the judge deemed his defense inadequate. Consequently, the Binance executive faces detention in Kuje Prison until at least April 18, pending a bail hearing.

Nigerian Authorities Probe Binance’s Unlicensed Operations

These developments represent a significant escalation in Gambaryan’s legal situation. Previously under house arrest, he now confronts a five-count, $35 million money laundering indictment.

Binance, the cryptocurrency exchange Gambaryan represents, also faces charges of currency manipulation and facilitating illicit fund transfers in Nigeria. Despite regulatory challenges, Binance denies wrongdoing and emphasizes compliance with regulations across jurisdictions.

Nigerian authorities’ investigation into Binance’s unlicensed operations has prompted heightened scrutiny. Despite the government’s lifting of the ban on cryptocurrency trading, new regulations impose stringent registration and operational fees.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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