Key Points:
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.
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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