Nigerian authorities have escalated legal action against cryptocurrency exchange Binance and two of its executives, accusing them of money laundering and tax evasion in a high-profile court hearing held in the capital city of Abuja.
The court hearing saw Tigran Gambaryan, Binance’s head of financial crime compliance, present, while Nadeem Anjarwalla, the company’s regional manager, remains at large after fleeing custody in March, adding to the complexity of the legal proceedings.
The charges brought against Binance and its executives include operating without a license, unlawfully negotiating foreign exchange rates, tax evasion, and concealing the origin of illegal proceeds totaling $35.4 million.
The trial, which commenced following the arrest of Gambaryan and Anjarwalla in February, has been fraught with contention. The executives have accused authorities of illegal detention and seizure of passports, further complicating the legal battle.
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Additionally, reports have emerged indicating that the Nigerian government sought the names of citizens engaging in trading activities on the Binance platform, raising concerns over privacy and government overreach in the cryptocurrency sector.
Amidst mounting tensions, the court adjourned the money laundering trial until April 8, following a dispute between Gambaryan’s lawyer and the public prosecutor over representing Binance without the explicit permission of the company.
The outcome of the legal proceedings against Binance and its executives will be closely watched by stakeholders in the cryptocurrency industry and could have significant implications for the regulation of digital asset exchanges in Nigeria and beyond. As the trial unfolds, the cryptocurrency community awaits further developments in this high-profile case.
