A Nigerian judge will hear a money laundering case involving
the cryptocurrency exchange Binance and two of its executives next week. The
hearing was moved to an earlier date following a request by the defense.
Originally scheduled for October 11, the court date is now set for September 2,
according to the prosecutor.
Binance Denies Laundering Allegations
Binance is accused of laundering over $35 million. The
charges also extend to two of its executives: Tigran Gambaryan, a U.S. citizen
and head of financial crime compliance, and Nadeem Anjarwalla, a British-Kenyan
regional manager for Africa.
Both Binance and Gambaryan have denied the charges.
Anjarwalla, however, fled Nigeria before the trial and has not been detained.
Gambaryan, on the other hand, has been in Nigerian custody since February. His
health has reportedly worsened during his detention, according to his wife,
Yuki Gambaryan.
She has appealed to the Nigerian government to drop the charges
on humanitarian grounds and has sought assistance from the US government to
secure her husband’s release. In addition to the money laundering charges, Binance is also
facing accusations of tax evasion.
Nigerian judge to hear money laundering case against Binance next week https://t.co/GnIG3oQDop pic.twitter.com/vvSbgZZGt4
— Reuters World (@ReutersWorld) August 26, 2024
Trading in Naira Suspended
The Nigerian government has held Binance partly responsible
for the country’s currency struggles. Cryptocurrency platforms, including
Binance, have become popular for trading the Nigerian naira amid chronic dollar
shortages, leading to the naira’s sharp decline.
In response to a government
crackdown on crypto exchanges, Binance announced in March that it would cease
all transactions and trading in naira.
Meanwhile, NBA
star Jimmy Butler and crypto YouTuber Ben Armstrong, known as “BitBoy,” have
agreed to settle a class action lawsuit related to the promotion of alleged
unregistered securities sold by Binance, as reported by Finance Magnates.
The total settlement amounts to $340,000, with Butler
agreeing to pay $300,000 and Armstrong $40,000, as reported by CoinTelegraph.
Both individuals continue to deny any wrongdoing despite the settlement.
This article was written by Tareq Sikder at www.financemagnates.com.
