Binance Executive Faces Money Laundering Charges: Tigran Gambaryan Arraigned by EFCC

Tigran Gambaryan, a representative of Binance in Nigeria, pleaded not guilty to the charges, while a non-guilty plea was entered for the cryptocurrency company.

Nadeem Anjarwalla, the third defendant, is currently at large after escaping from lawful custody on March 22.

The EFCC filed a five-count charge against the trio, accusing them of money laundering.

The charges were dated and filed on March 28.

The arraignment followed the dismissal of Gambaryan’s preliminary objection by Justice Emeka Nwite, who agreed with the prosecution’s argument that Gambaryan could be arraigned on behalf of Binance.

Gambaryan’s lawyer, Mark Mordi, had argued that Binance, as the first defendant, should have been properly served before his client could be arraigned.

However, the court found that Gambaryan’s statement attached to the proof of evidence showed that he was an official of Binance in Nigeria, and therefore could be served on behalf of the company.

Justice Nwite adjourned the bail application for Tigran Gambaryan until April 18 and set the trial date for May 2.

The court also ordered that a non-guilty plea be entered for Binance, in accordance with Section 478 of the Administration of Criminal Justice Act (ACJA), 2015.

The charges against Binance, Gambaryan, and Anjarwalla highlight the increasing scrutiny of cryptocurrency companies in Nigeria and the need for stronger regulations to combat money laundering and other financial crimes.

The case also raises questions about the responsibility of cryptocurrency companies and their representatives in ensuring compliance with anti-money laundering regulations.

The arraignment of Tigran Gambaryan and the charges against Binance Holdings Limited and Nadeem Anjarwalla underscore the challenges faced by the cryptocurrency industry in Nigeria and the importance of adhering to financial regulations.

As the case unfolds, it will be crucial for the Nigerian government to strike a balance between fostering innovation and protecting the financial system from illicit activities.