Nigeria Legal Case Involving Binance: Trial Stalled by Executive’s Health Issue

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Nigeria Legal Case Involving Binance: Trial Stalled by Executive’s Health Issue

The legal case against Binance, one of the largest cryptocurrency exchange platforms, and two of its executives is set to be rescheduled to June 20 due to one of them’s sickness. As highlighted by his lawyers, Tigran Gambaryan, the head and director of Binance’s financial crimes compliance division, has been deemed severely ill and in desperate need of treatment.

Binance Employee Denied Bail in Nigerian Tax Fraud Case

Gambaryan, who was from the United States, was accused of tax fraud alongside his employer in an extra-legal case of money laundering. The trial was soon adjourned after Gambaryan fainted in the trial and was hurried to the hospital for intra-vena hem-intrusion due to malaria. He was transferred to Kuje prison in February of this year after being arrested by Nigerian authorities. This prison facility is specifically recognized for accommodating individuals implicated in acts of terrorism with Boko Haram groups.

In contrast, his wife, Yuki Gambaryan, who accompanied her husband to court as per the requirements, raised concerns regarding the general well-being and living conditions of inmates in Kuje prison, where her husband is detained. She said, “The situation in the bad known prison is awful. My husband is sick and needs medical attention.”

Gambaryan was also expected to be in court on 14/06/2011 for a plea-taking hearing for the tax evasion charges, but this hearing has been rescheduled. Last week, he was unable to obtain bail, where the court suspected that he might attempt to flee.


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Calls for Immediate Release

These trials have led to condemnation by the defense team for the release of the plaintiff, Gambaryan, and his companions. Yuki Gambaryan called on the authorities to ‘show some sense of humanity’ and release her husband, adding that it has been punitive and unfair that he is being held past the time he was supposed to be released.

The case has focused on the app’s activities in Nigeria and shed some light on its ethical stance concerning AML laws. This trial can significantly impact the operator of the affected platform and potentially restrict its business activities in the area.

Read Also: Canadian Financial Regulator Imposes $6 Million Fine on Binance

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