Gambaryan Pleads Not Guilty, to Request Bail Until April 18

Tigran Gambaryan the Binance executive seized by Nigerian police has pleaded not guilty and can request release until April 18

Tigran Gambaryan, a Binance executive who was detained by Nigerian police in February with a colleague, pleaded not guilty to money laundering accusations in a high court on Monday, according to local reports. 

According to reports, Gambaryan was detained pending trial, and bail can be requested until April 18.

Gambaryan, Binance Exec Tax Invasion Case

The head of Binance’s financial crime compliance was detained in the country in February, along with another executive at the company, Nadeem Anjarwalla, after the Nigerian government accused Binance of assisting in the processing of illegal funds worth billions of dollars and manipulating the exchange rate for the Nigerian naira.

Anjarwalla fled arrest in March, and the two executives have since launched a lawsuit against Nigeria’s government, accusing it of human rights violations.

Nigeria’s Federal Inland Revenue Service (FIRS) has accused Binance and Anjarwalla of tax evasion. In contrast, the Economic and Financial Crimes Commission (EFCC) has accused them of money laundering.

Gambaryan Lacks Decision-Making Authority

Despite Binance’s assertion last week that the Binance executive should not be held liable for the firm because he lacks decision-making authority, a Nigerian court permitted the litigation to proceed, according to Reuters.

Justice Emeka Nwite reportedly argued that the Binance executive had previously spoken with national officials about the crypto exchange’s activities and could pass as a company representative.

Gambaryan reportedly pleaded not guilty to five counts, including one alleging that he, Anjarwalla, and Binance used the crypto exchange to “unlawfully negotiate foreign exchange rates in Nigeria, and you thereby committed an offense contrary to and punishable under section 29(1) (C) of the Foreign Exchange (Monitoring And Miscellaneous Provisions) Act.”