More recently, Binance CEO Richard Teng announced that the company is working closely with Nigerian officials after the arrest of their head of financial crime compliance, Tigran Gambaryan. Gambaryan and another Binance representative are under investigation for allegedly laundering approximately $35 million.
Based on a Reuters article, the Nigerian court has postponed the hearing of the case to May 2. This was made known by the Economic and Financial Crimes Commission (EFCC), Nigeria’s anti-corruption agency.
Binance Executives Face Mounting Legal Troubles
Previously, Bitcoinist announced that the two apprehended individuals, Tigran Gambaryan and Nadeem Anjarwalla, traveled to Nigeria following the nation’s prohibition of specific cryptocurrency exchange platforms.
On February 26, Nigeria’s Economic and Financial Crimes Commission (EFCC) arrested Gambaryan and Anjarwalla. Although Gambaryan’s legal proceedings are still ongoing, Anjarwalla, a regional manager for Africa with British-Kenyan citizenship, had left Nigeria about a month prior. However, Kenyan authorities have recently located him.
Based on a report from a local newsource, Nigerian officials, along with Kenyan authorities and INTERPOL, successfully tracked down Nadeem Anjarwalla in Kenya after he managed to elude custody. The Nigerian government is now making arrangements for his return to Nigeria to stand trial for the allegations leveled against him.
The EFCC, in collaboration with global law enforcement bodies including INTERPOL and the FBI, is spearheading the initiatives to bring Anjarwalla back.
After these recent events, Binance CEO Richard Teng, who succeeded Changpeng Zhao (CZ) as CEO following their 2023 agreement with US regulators, commented at a crypto conference in Dubai that “We are actively cooperating with Nigerian authorities to find a solution to this issue.”
Tax Evasion Charges Added To Detention Woes
Vishal Sachendran, the head of regional markets at Binance, admitted that the company’s recent arrests were unusual. Yet, he chose not to discuss with Reuters the specific accusations directed towards Binance itself.
The EFCC chairman, Ola Olukoyede, stressed that the EFCC’s role in prosecuting Binance executives sends a powerful message about the agency’s commitment to addressing corruption and instability in Nigeria’s foreign exchange market.
The EFCC is working together with INTERPOL, the FBI, and the governments of the UK, Northern Ireland, and Kenya to arrange for the transfer of the suspected individuals to stand trial in their respective countries.
Alongside the ongoing investigation by the Economic and Financial Crimes Commission (EFCC), Binance and its top officials are accused of tax evasion by Nigeria’s Federal Inland Revenue Service (FIRS). This tax evasion trial is set to commence in court on Friday.
The ongoing legal hearings leave the cryptocurrency world on edge as we anticipate new developments regarding the lawsuits against Binance’s top brass and their potential impact on the company’s activities in Nigeria and globally.
The exchange’s native token, BNB, is trading at $556, up a slight 1% over the past 24 hours.
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2024-04-20 04:11