Binance Works Towards Solution for Detained Executive in Nigeria Over Allegations of Money Laundering

Binance, a prominent player in the cryptocurrency industry, is facing yet another legal hurdle as one of its top executives, Tigran Gambaryan, remains in custody in Nigeria. Richard Teng, the newly appointed CEO, is actively working to secure Gambaryan’s release by collaborating with Nigerian authorities.

Gambaryan, who was responsible for overseeing financial crime compliance at Binance, is implicated in a money laundering case along with Nadeem Anjarwalla, who has fled the jurisdiction. The two are accused of laundering a staggering $35.4 million. The Economic and Financial Crimes Commission (EFCC) alleges that these funds, supposedly originating from Binance’s Nigerian operations, were laundered to conceal their illicit origins.

Gambaryan and Anjarwalla were apprehended in Nigeria as representatives of Binance’s alleged financial misconduct. In a previous court session, they were found guilty and detained pending further legal proceedings.

However, the legal process has faced delays. During a trial session regarding Gambaryan’s bail application, the EFCC requested more time to address new matters raised by the defense. Justice Emeka Nwite presided over the proceedings in Abuja.

Richard Teng’s involvement brings hope for a resolution. The new CEO is closely collaborating with Nigerian officials to expedite Gambaryan’s release. Speaking at the Token2049 Crypto Conference in Dubai, Teng expressed his commitment to resolving the matter with Nigerian authorities.

The continued detention of Gambaryan raises significant concerns regarding humanitarian rights and corporate governance. Binance’s Head of Regional Markets, Vishal Sacheendran, emphasized the unusual nature of the company’s situation, stating that this has never happened to them before in a Reuters interview.

The next hearing, scheduled for April 22, is further complicated by legal intricacies and exacerbated by Nigeria’s currency devaluation. Additionally, the Federal Inland Revenue Service (FIRS) has filed simultaneous lawsuits against Binance for alleged tax evasion.

The outcome of this legal battle will not only determine Gambaryan’s fate but also shape cryptocurrency regulations in Nigeria, Africa’s largest economy.