A Binance Executive

A Binance Executive: Following his plea of not guilty to money laundering charges brought against him

by the Economic and Financial Crimes Commission (EFCC), a Federal High Court in

Abuja has ordered the remand of Tigran Gambaryan, a Binance executive, in Kuje Correctional Centre.

The trial judge, Justice Emeka Nwite, issued the order pending the determination of his bail

application on Monday.

The EFCC accused Binance, Gambaryan, and Nadeem Anjarwalla, who is currently at large,

of concealing the source of $35,400,000 generated as revenue by Binance in Nigeria, alleging that the funds constituted proceeds of unlawful activity.

the binance

The arraignment of Binance Holdings Limited and Tigran Gambaryan was initially stalled

on April 4 due to objections raised by Gambaryan’s counsel, Mark Mordi (SAN), who argued

that the EFCC failed to properly serve Binance Holdings Limited. However, the EFCC countered, stating that Gambaryan, as the representative of Binance in the country, was properly served.

Justice Nwite ruled that the service on Gambaryan on behalf of the company was appropriate, citing Section 478 of the Administration of Criminal Justice Act, which mandates service on a chief agent of a company within the jurisdiction.

Additionally, Gambaryan’s lawyer claimed in an affidavit that his client and Anjarwalla traveled to Nigeria to meet with Nigerian government officials on behalf of Binance.

the plead

Despite Gambaryan pleading not guilty, the prosecution counsel requested a trial commencement date, while Mordi urged the court to consider his client’s bail application, emphasizing Gambaryan’s foreign nationality and the importance of freedom.

The judge adjourned the matter until April 18 for the ruling on Gambaryan’s bail application and May 2 for the commencement of trial.