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Binance Executive's Legal Case Postponed in Nigeria

Apr 4, 2024

The case of Tigran Gambaryan, a U.S.-based executive at Binance facing tax evasion charges in Nigeria, has been postponed until April 19. Gambaryan is currently in custody in Nigeria as authorities proceed with charges against the cryptocurrency exchange and two other executives. He arrived in Nigeria with another Binance executive, Nadeem Anjarwalla, back in February amidst allegations of fiat currency manipulation involving the naira.

Binance recently announced its decision to stop all naira transactions, effectively leaving the Nigerian market. Upon the announcement, Gambaryan and Anjarwalla were detained by authorities and reportedly face charges including tax evasion and money laundering.

The Nigerian officials have also pressed charges against Binance, which have been adjourned until April 8, and Gambaryan. Anjarwalla managed to escape custody on March 22 and leave Abuja. Gambaryan's wife initiated a petition to bring her husband back to the U.S., gathering over 1,700 signatures.

Binance clarified in a blog post that Gambaryan had no decision-making authority in the company and urged against holding him accountable for the exchange's activities in Nigeria. The former CEO of Binance, Changpeng Zhao, pleaded guilty to a felony charge as part of a multi-billion-dollar settlement with U.S. authorities and is awaiting sentencing.

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