LAGOS, Nigeria (VOICE OF NAIJA)-A Federal High Court in Abuja has ordered the remand of a top official of Binance Holdings Limited, Tigran Gambaryan, at Kuje prison in Abuja.
This decision came after Gambaryan pleaded not guilty to charges of money laundering brought against him by the Economic and Financial Crimes Commission (EFCC).
Presiding over the case, Justice Emeka Nwite adjourned the hearing on Gambaryan’s bail consideration until April 18, with May 2 set as the date to commence hearings on the substantive charge.
Thie high-profile case has garnered public interest, signaling Nigerian authorities’ firm stance against financial crimes.
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The arrest of Gambaryan and Nadeem Anjarwalla, another Binance executive, by the Federal Government has brought to light the company’s purported links to money laundering and terrorism financing.
As Gambaryan stays in custody, Binance’s Africa Regional Manager, Anjarwalla, has fled Nigeria. Authorities are actively pursuing his extradition to stand trial.
The EFCC’s charges against Gambaryan and Anjarwalla are part of a wider investigation into Binance Holdings Limited’s operations.
Aside from the EFCC’s investigation, the Federal Inland Revenue Service (FIRS) has accused both individuals and the company of tax fraud, adding to the legal pressures on the cryptocurrency trading platform.