Tigran Gambaryan, a high-ranking executive at Binance Holdings Ltd., finds himself behind bars in Abuja, Nigeria amidst allegations of tax evasion and fraud.
Gambaryan, the head of financial compliance at Binance, has been detained for over 40 days after being invited to Nigeria by the government, only to be charged with serious financial offenses.
The unfolding saga began when Gambaryan, along with another Binance executive, Nadeem Anjarwalla, traveled to Nigeria late February at the invitation of authorities. However, what started as a diplomatic exchange swiftly turned into a legal ordeal as both executives were detained and faced with a barrage of accusations.
Gambaryan’s plight took a grave turn on Monday when a court ordered his remand at the Kuje correctional center in Abuja, ahead of his trial scheduled for May. Despite pleas from his counsel to remain in the custody of the anti-graft commission, Justice Emeka Nwite ruled that Gambaryan’s admitted representation of Binance in Nigeria implicated him in the charges brought against the company.
The charges leveled against Gambaryan by the Economic and Financial Crimes Commission (EFCC) are grave, including tax evasion, currency speculation, and money laundering amounting to $34 million.
Gambaryan vehemently pleaded not guilty to these allegations, asserting that he lacked decision-making power within Binance and was not authorized to receive legal notices on behalf of the company.
In response to Gambaryan’s detention, a spokesperson for Binance expressed deep disappointment, labeling the charges against him as meritless.
The spokesperson called for Gambaryan’s immediate release, denouncing his incarceration in the Kuje Correctional Facility as outrageous.
Despite the legal storm surrounding Gambaryan, Justice Nwite has fixed April 18 for the hearing on his bail application, offering a glimmer of hope for his defense team.
Meanwhile, the trial is scheduled to commence on May 5, marking a pivotal moment in the legal battle between Gambaryan, Binance, and Nigerian authorities.
The saga involving Binance executives underscores the complexities of navigating the regulatory landscape in the cryptocurrency industry, particularly in jurisdictions grappling with the burgeoning popularity of digital assets.
As Gambaryan’s case unfolds, it serves as a stark reminder of the risks and challenges faced by multinational cryptocurrency exchanges operating in diverse geopolitical environments.
