- Binance executive Tigran Gambaryan collapsed during a court hearing in Nigeria.
- He faced allegations of foreign exchange violations and money laundering by the Nigerian Economic and Financial Crimes Commission (EFCC).
- His lawyer reported that Gambaryan had been ill since the previous hearing.
Binance executive Tigran Gambaryan collapses during a court hearing in Nigeria, facing allegations of money laundering and foreign exchange violations.
What Led to the Collapse?
Gambaryan did not attend a separate hearing on tax evasion charges by the Nigerian Federal Inland Revenue Service (FIRS) but was present for the money laundering case. When the court clerk called the matter, Gambaryan did not respond, prompting Judge Emeka Nwite to inquire about his absence. His defense lawyer then escorted him to the dock. Suddenly, Gambaryan collapsed and requested assistance from his lawyer to sit in the front row. Mordi explained that his client was unwell and had submitted a written application to notify the court of his condition. As a result, Mordi asked for a postponement to allow for Gambaryan’s medical treatment.
Why Was the Trial Postponed?
Mordi stressed that proceeding with the trial under these circumstances would be unjustifiable. Consequently, the court rescheduled the cross-examination and hearings for June 20 and 21. Previously, on May 16, Judge Nwite had denied Gambaryan’s bail request due to concerns from the EFCC about Gambaryan being a flight risk if released from Kuje Prison.
Key Takeaways
– Gambaryan’s ongoing health issues influenced the court’s decision to postpone the trial.
– The EFCC’s concerns regarding Gambaryan as a flight risk contributed to the denial of bail.
– The Nigerian government is pushing for stricter oversight of cryptocurrency trading platforms.
Result
Gambaryan was transferred to Kuje Prison in Abuja in April 2024 following his admission to money laundering charges. In March, FIRS accused Binance and its executives, including Gambaryan, of tax evasion. Amid these legal troubles, Binance CEO Richard Teng claimed Nigerian officials tried to coerce Binance into a secret cryptocurrency deal earlier this year.
On March 5, Binance announced its cessation of all Nigerian naira transactions and its market exit. The cryptocurrency exchange also delisted all Nigerian naira trading pairs from its peer-to-peer platform by the end of February.
Conclusion
The ongoing legal issues surrounding Binance and its executives highlight the increasing scrutiny on cryptocurrency trading platforms by global regulators. Gambaryan’s health issues and the subsequent postponement of his trial underscore the complexities involved in such high-profile cases. As the Nigerian government pushes for stricter oversight, the future of cryptocurrency trading in the country remains uncertain.
