Nigerian Court Postpones Binance $35M Laundering Trial to May

Nigerian Court Postpones Binance $35M Laundering Trial to May

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.


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