Nigeria court rules Binance executive can face trial on behalf of crypto exchange
Binance and executives Tigran Gambaryan, a US citizen and head of financial crimes compliance, and British-Kenyan national Nadeem Anjarwalla, a regional manager for Africa, face four counts of tax evasion.
A Nigerian court on Friday ruled that Binance executive Tigran Gambaryan can stand trial on behalf of the cryptocurrency exchange in an ongoing tax evasion case.
Binance and executives Gambaryan, a US citizen and head of financial crimes compliance, and British-Kenyan national Nadeem Anjarwalla, a regional manager for Africa, face four counts of tax evasion.
In a separate case, they have also been charged with laundering more than $35 million and engaging in specialised financial activities without a licence. They have all pleaded not guilty to the money laundering charges.
Binance's lawyer declined to comment after Friday's court hearing. Gambaryan's lawyer also had no comment.
"We are deeply disappointed that Tigran Gambaryan, who has no decision-making power in the company, continues to be detained," a Binance spokesperson said in a statement on Friday after the court hearing.
"These charges against him are completely meritless. He should be freed while discussions continue between Binance and Nigerian government officials."
Gambaryan remains in custody while Anjarwalla fled the country in March. Nigeria's security adviser's office has said it is working with Interpol to seek Anjarwalla's arrest.
The CEO of Binance has accused Nigeria of setting a dangerous precedent after its executives were invited to the African country in February for talks with authorities and then detained as part of a crackdown on crypto.
Binance itself has not been charged in the tax evasion case by Nigeria's Federal Inland Revenue Service (FIRS), which has said Gambaryan could face the charges on the exchange's behalf.
Gambaryan's lawyer has previously said Gambaryan was "neither a director, partner nor company secretary" and had no written instructions from Binance to face the charges on its behalf.
Judge Emeka Nwite ruled on Friday that Gambaryan should be served with the charges against Binance because he is the chief financial compliance officer of Binance and was duly appointed to represent it in a meeting in Nigeria.
Gambaryan will be arraigned in court on Wednesday to take a plea on behalf of Binance.
Gambaryan's bail application in relation to the money laundering case was denied on Friday.
Nigeria has blamed Binance for its currency woes after cryptocurrency websites emerged as platforms of choice for trading the Nigerian naira currency, as the country grappled with chronic dollar shortages.
Top Stories Today
- Tatu City owners accuse Kiambu governors of land grabs in exchange for permits — AFP report
- Sh16.5 billion allocated to extend SGR from Naivasha to Uganda border
- Housing levy collections set to jump by 46% as govt eyes Sh95.8 billion
- Government allocates extra Sh45bn to KDF, teachers and police in 2025/26 budget
- YouTube tests affordable shared premium plan for two users
- Nairobi Archdiocese: Cardinal Njue was invited to papal conclave but won’t attend due to health
- Government to slash Uhuru’s retirement benefits by Sh94.6 million
- Five arrested after explosives hidden in milk carton are found on passenger bus
- Explosions heard in Sudanese city of Port Sudan, witness says
- Taxpayers to fund Sh2.3 billion State House, lodges facelift
- AU, IGAD step up efforts to revive South Sudan's stalled peace process
- TSC begins search for new CEO as Nancy Macharia’s tenure nears end
- TSC declares over 2,000 teaching posts vacant in bid to fill staffing gaps
- Mombasa, Kilifi and Kwale among regions to be affected by power blackouts
- Papal conclave: All cardinals who will elect new pope arrive in Rome
- Sudan's RSF launches second drone attack in Port Sudan
- Congolese man sentenced to 40 years in prison for murdering Kenyan girlfriend
- CJ Koome appoints bench to hear petitions on removal of Supreme Court judges
- Suspects arrested for throwing shoe at Ruto freed as investigators say it was an accident
- Gen Z-led protests, floods dent Kenya's economic growth in 2024
