Nigeria judge adjourns case against Binance and two executives to May 2

A Nigerian court adjourned until May 2 a case against Binance, the world's largest cryptocurrency exchange, and two of its executives, accused of laundering more than $35 million, the country's anti-corruption body said on Monday. Tigran Gambaryan, a U.S. citizen and Binance's head of financial crime compliance, appeared in court in Abuja on Monday where he entered a not guilty plea to charges of money-laundering and engaging in specialised financial activities without a licence.

A Nigerian court adjourned until May 2 a case against Binance, the world's largest cryptocurrency exchange, and two of its executives, accused of laundering more than $35 million, the country's anti-corruption body said on Monday.

Tigran Gambaryan, a U.S. citizen and Binance's head of financial crime compliance, appeared in court in Abuja on Monday where he entered a not guilty plea to charges of money-laundering and engaging in specialised financial activities without a licence. Another executive Nadeem Anjarwalla, a British-Kenyan who is a regional manager for Africa, fled the country last month.

The court acknowledged Anjarwalla was at large and also entered a not guilty plea for Binance, based on papers filed to the court. The case will be heard on May 2. Anjarwalla and Gambaryan, flew to Nigeria following the country's decision to ban several cryptocurrency trading websites and were detained on arrival on Feb. 26 by Nigeria's anti-corruption body the Economic and Financial Crimes Commission (EFCC).

The Abuja court on Monday ordered Gambaryan to be held in prison, pending the outcome of his bail application, which is scheduled to be heard on April 18. In addition to the case brought by the EFCC, Nigeria's tax agency, the Federal Inland Revenue Service (FIRS), has charged Binance and the executives with tax evasion, a case that will appear before a court on April 19.

Binance did not immediately respond to a request for comment from Reuters. In March, it said it would stop all transactions and trading in Nigeria's local currency after March 8 following a country-wide crackdown on crypto exchanges that authorities have blamed for fuelling demand for U.S. dollars on the black market.

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