A Nigerian court has adjourned the trial of Binance executive Tigran Gambaryan, who is currently detained in Nigeria. The trial was delayed today (Friday) after Gambaryan, a US citizen and Head of Financial CrimeCompliance at Binance, could not attend due to illness.
He has been held in Nigeria since February and faces charges of laundering over $35 million, which both he and Binance deny.
Trial Postponed for Medical Treatment
Judge Emeka Nwite of the Federal High Court in Abuja postponed the trial to October 25 to allow Gambaryan to receive medical treatment.
Last week, Judge Nwite denied Gambaryan’s request for bail for the second time, arguing that the prison could manage his health needs. Gambaryan had sought release, citing his deteriorating health and the need for surgery outside prison.
In response to the situation, Binance has taken to social media to request his release, as reported by Finance Magnates. CEO Richard Teng stated that Nigerian authorities requested a “secret” payment to resolve the issues. Nigerian officials have denied these claims, calling them a diversion from Binance’s activities.
Nigerian Court Adjourns Trial Of Detained Binance Executive, Gambaryan, Declared As ‘Very Sick’ By Prison Authorities pic.twitter.com/uemQTOncdx
— Aneke Tv (@AnekeTv) October 18, 2024
In a separate development, Binance has expanded its services in Africa, enabling users in Benin, Cameroon, Ivory Coast, the Democratic Republic of Congo, Togo, and Senegal to purchase cryptocurrency via mobile money payments through local partnerships.
Binance Halts Naira Transactions
In August, Yuki Gambaryan, his wife, reported that her husband’s health had worsened significantly in detention, warning that his condition could cause permanent damage, potentially affecting his mobility. She has appealed for his release and vowed to continue advocating on his behalf.
Binance also faces separate tax evasion charges, which the company denies. The exchange has halted transactions in Nigeria's currency, the naira, following a government crackdown on crypto exchanges, which authorities allege are linked to the black market for foreign currency.
This article was written by Tareq Sikder at www.financemagnates.com.
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