Technology

Nigerian Court Postpones Binance $35M Laundering Trial to May

May 2, 2024 1 min read

Jump to Summary

A Nigerian Federal High Court has postponed the money laundering trial involving cryptocurrency exchange Binance and two of its executives, Tigran Gambaryan and Nadeem Anjarwalla, to May 17. The adjournment came after Binance's lawyer stated that he had not been served with the necessary documents to prepare for the defense. The accused, Gambaryan, a U.S. citizen and head of financial crime compliance, and Anjarwalla, a British-Kenyan and regional manager for Africa, face allegations of laundering over $35 million and operating financial activities without the required license, charges to which they have pleaded not guilty.

In addition to the money laundering charges brought by Nigeria's Economic and Financial Crimes Commission (EFCC), Binance is also facing a separate tax evasion trial. The court postponed this trial to May 17 as well, after it was found that Binance had not been formally served with the tax evasion charges. The company is accused of four counts of tax evasion related to failing to register with Nigeria’s Federal Inland Revenue Service (FIRS) for tax remittance.

The adjournments have drawn attention due to concerns regarding the potential flight risk posed by the accused, particularly after Anjarwalla's escape from Nigerian authorities to Kenya. The Nigerian judiciary has indicated the importance of addressing the trial without undue delay, emphasizing the need for all parties to expedite the legal process.

#general #tech #corruption #cryptocurrency #fraud #crime #money-laundering #tax-fraud #organized-crime #finance #markets #business

Summary

Other news in technology

Proton Launches Encrypted Alternative to Google Docs

Proton has introduced Proton Docs, an end-to-end encrypted document editor integrated into its Drive cloud storage service. This new tool supports advanced formatting and image embedding, and allows users to open, create, and edit documents in multiple formats, including Microsoft DOCX. Key features include real-time collaboration with live cursor tracking

China Dominates Global Generative AI Patent Surge, UN Reports

China has emerged as the global leader in generative AI patent filings, submitting six times more patents than the United States, according to data from the World Intellectual Property Organization (WIPO). Over the past decade, China has filed more than 50,000 patent applications, with a significant portion, about 25%

Transformers: Galactic Trials Racing Game Revealed for October Release

Outright Games and developer 3DClouds have announced the release of their new game, Transformers: Galactic Trials, scheduled for October 11, 2024. The game will be available on PlayStation 4, PlayStation 5, Xbox One, Xbox Series X|S, Nintendo Switch, and PC. Combining elements of arcade racing and third-person combat with

Xbox Live Servers Experience Widespread Downtime

Microsoft's Xbox Live network experienced technical difficulties on Tuesday afternoon, leading to thousands of users reporting problems accessing the service. The issues began around 2:15 p.m. ET, as per monitoring site Downdetector, which logged over 23,000 outage reports. A significant majority of these reports indicated