EFCC Arraigns Detained Binance Executive: Tigran Gambaryan Faces Money Laundering Charges

The Economic and Financial Crimes Commission (EFCC) has arraigned Tigran Gambaryan, the head of Financial Crime Compliance at Binance, before a Federal High Court in Abuja, Nigeria.

Gambaryan faces charges related to money laundering in connection with the ongoing forecx crisis. The arraignment took place on Thursday, April 4, 2024.

Tigran Gambaryan, along with Binance’s regional manager for Africa, Nadeem Anjarwalla, was arrested over the forecx crisis.

While Gambaryan appeared in court, Anjarwalla is currently on the run, prompting the Federal Government to launch a manhunt for him.

The matter was adjourned due to the inability of the Federal Inland Revenue Service (FIRS) to serve the charges to Gambaryan.

The court was presented with photographic evidence of the proceedings, as provided by Daily Trust’s Onyekachukwu Obi, who was present at the court.

This case highlights the increasing scrutiny and regulatory pressure faced by cryptocurrency exchanges such as Binance, as authorities worldwide grapple with the challenges posed by digital currencies and their potential use in illicit activities.

The charges against Tigran Gambaryan and the ongoing manhunt for Nadeem Anjarwalla underscore the importance of compliance with financial regulations in the cryptocurrency sector.

As the industry continues to evolve, it is likely that there will be more cases like this, with regulators and law enforcement agencies taking a more proactive approach to ensure the integrity of the cryptocurrency ecosystem.

The outcome of this case will be closely watched by the global cryptocurrency community, as it could have far-reaching implications for the future of digital currencies and their role in the financial landscape.