Binance Exec Too Ill to Appear in Nigerian Court, Trial Postponed

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As a seasoned crypto investor with roots in Africa and a keen interest in Binance, I find myself deeply concerned about the ongoing ordeal of Tigran Gambaryan, the Binance executive currently detained in Nigeria. Having navigated the often murky waters of global finance myself, I empathize with the complexities that come with operating across jurisdictions, especially when faced with regulatory challenges.

The court hearing for Tigran Gambaryan, a Binance executive, has been moved to a later date as he remains in custody in Nigeria.

The hearing was postponed as Gambaryan, a U.S. citizen and head of financial crime compliance at Binance, could not attend due to illness. Gambaryan has been in custody since February and is being accused of laundering over $35 million; allegations that he and Binance have refuted.

Binance Exec’s Trial Delayed Again Due to Health

Due to health problems, Tigran Gambaryan, who is currently incarcerated, missed his scheduled court appearance at Binance in Nigeria. Consequently, the trial had to be rescheduled.

Judge Emeka Nwite from the Federal High Court in Abuja scheduled October 25 as the next court date for Tigran Gambaryan’s trial, allowing him time to receive necessary medical care.

After the rejection of his second bail appeal a week ago, it was stated that his health condition is being managed by professionals while he’s in prison custody. Gambaryan has expressed concerns about his worsening health and the necessity of a surgery that can’t be performed within prison walls.

The trial for the detained Binance executive, Gambaryan, has been postponed by a Nigerian court after prison authorities declared him as ‘seriously ill.’

— Aneke Tv (@AnekeTv) October 18, 2024

Responding to updates on the Binance trial concerning Gambaryan, Binance’s leadership has expressed their desire for his freedom via social media. It is alleged that Nigerian authorities requested Binance to discreetly transfer funds to address the ongoing matters, as stated by Binance CEO Richard Teng in recent reports.

Nigerian authorities have refuted these allegations, stating that they appear to be an effort to shift focus from Binance’s activities.

The recent developments have sparked worries about Binance’s ongoing legal battle with the Securities and Exchange Commission (SEC). Notably, Judge Amy Berman Jackson has granted the SEC’s petition to modify the initial lawsuit due to the inclusion of “digital asset securities” as part of the case.

Expansion Marred by Executive’s Plight in Nigerian Prison

In line with ongoing advancements, Binance broadened its services in Africa by enabling users from Benin, Cameroon, Ivory Coast, Democratic Republic of Congo, Togo, and Senegal to purchase cryptocurrencies using mobile money, thanks to local collaborations. This strategic move signifies Binance’s proactive efforts to strengthen its position on the continent, even in the face of a somewhat challenging regulatory landscape.

Currently, there’s a significant issue arising from Binance’s operations within Nigeria. In August, Yuki Gambaryan, wife of detained Binance executive Tigran Gambaryan, reported a concerning deterioration in her husband’s health while in custody. This could result in lasting damage and potentially loss of mobility. Since then, she has been vocal about his release.

Beyond ongoing legal disputes, another trial involving Binance is underway. The company is accused of tax evasion, a charge it firmly refutes. In Nigeria, where the government is tightening regulations on cryptocurrency exchanges allegedly tied to the unauthorized foreign exchange market, Binance has ceased naira transactions.

Still, a lot of people in Africa are Binance users. That made Scroll co-founder Ye Zhang partner the exchange despite severe criticism.

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2024-10-19 01:06