Binance Executives Face Trial in Nigeria Amid Allegations of Money Laundering and Tax Evasion

A Nigerian court has adjourned a money laundering trial against cryptocurrency exchange Binance and its executives to October 11. Executives Tigran Gambaryan and Nadeem Anjarwalla face charges of laundering over $35 million and tax evasion. Gambaryan, suffering from health issues, has delayed the trial.

A Nigerian court on Tuesday adjourned a money laundering trial involving cryptocurrency exchange Binance and two of its top executives to October 11, following an annual judicial holiday commencing next week. The accused executives, Tigran Gambaryan, a U.S. citizen and head of financial crimes compliance, and Nadeem Anjarwalla, a British-Kenyan national serving as a regional manager for Africa, are charged with laundering over $35 million and conducting specialized financial activities without the necessary licenses.

Additionally, Binance faces four separate counts of tax evasion. Both executives have pleaded not guilty to all charges. Gambaryan appeared in court using a wheelchair on Tuesday, with proceedings stalled since May due to his health condition. Binance has previously disclosed that Gambaryan suffers from malaria and pneumonia. Judge Emeka Nwite showed displeasure after a medical report for Gambaryan, ordered by the court, was not submitted. The hospital director responsible for the report has yet to comply, leading Judge Nwite to issue a bench warrant for the director's arrest and to mandate Gambaryan's 24-hour hospital admission for further treatment.

Last month, two U.S. lawmakers requested the U.S. embassy in Nigeria to intervene on humanitarian grounds for the release of Gambaryan, who has been detained since February. Binance, contesting the charges, offered no immediate comment. The Nigerian government attributes some of its currency destabilization to Binance's platform, which became prominent for trading the naira amid the country's persistent dollar shortages, causing the currency to plummet to record lows.

(With inputs from agencies.)