The case against Binance executive, Tigran Gambaryan, has been adjourned until April 19 2024, reports indicate.
According to Bloomberg, Gambaryan is to remain in Nigerian custody while authorities pursue tax evasion charges against the cryptocurrency exchange, Gambaryan, and a second executive. However, his case has been adjourned for two weeks.
Gambaryan, along with Nadeem Anjarwalla, Binance’s Regional Manager for Africa based in Kenya, was detained upon their arrival in the country to address the issue of the company’s restricted website access. The office of Nigeria’s national security adviser (NSA) reported that Anjarwalla fled the country using a smuggled passport.
🇳🇬REGULATION | Nigeria Contacts Interpol for an International Arrest Warrant Over Escaped Binance Regional Manager
"We were made aware that Nadeem is no longer in Nigerian custody. Our primary focus remains on the safety of our employees and we are working collaboratively with… pic.twitter.com/GhP7NxjVvc
— BitKE (@BitcoinKE) March 26, 2024
Both executives have filed a human rights violation suit at the Federal High Court of Nigeria. They petitioned the office of the NSA and Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), to release them, return their passports, and issue a public apology.
REGULATION | Detained Binance Executive, Tigran Gambaryan, Sues Nigerian Authorities, Wants Release and Apology
“The only reason for his detention is because the government is requesting information from Binance and making demands on the company. The Applicant is not a member… pic.twitter.com/xYLB468qSc
— BitKE (@BitcoinKE) March 29, 2024
The latest move to adjourn the case comes despite a formal plea by Binance asking the authorities to release Gambaryan.
🇳🇬REGULATION | #Binance Now Calls for Release of Detained Compliance Official By Nigerian Authorities
Binance said Gambaryan, a former US Agent, 'has no decision-making power in the company and should not be held responsible while discussions are ongoing between Binance and… pic.twitter.com/2aw1GGkq4H
— BitKE (@BitcoinKE) April 4, 2024
According to Binance, Gambaryan, who heads Binance’s Financial Crime Compliance (FCC) team and was recruited in 2021 to address the cryptocurrency giant’s compliance concerns, has collaborated with Nigerian law enforcement previously. He provided valuable information that aided in combating fraud and money laundering activities, amounting to approximately $400,000.
🇳🇬REGULATION | Binance Reportedly Addressed Over 600 Information Requests from Nigerian 🇳🇬 Law Enforcement Agencies in the Last 4 Years
Between June 2020 and February 2024, #Binance reportedly addressed 626 information requests from Nigerian law enforcement agencies, with an… pic.twitter.com/NSsbLSUz6u
— BitKE (@BitcoinKE) March 30, 2024
Gambaryan’s team organized several training sessions for Nigerian law enforcement officials, focusing on the role of exchanges within the digital asset ecosystem, Binance said.
Meanwhile, former CEO and Binance Founder, ChangPeng ‘CZ’ Zhao, will be sentenced in a federal court in the United States on April 30 2024 after pleading guilty to a charge of failure to maintain an effective anti-money laundering program at Binance.
CZ’s guilty plea was part of a larger deal with the U.S. government that also saw him step down as CEO, and his company paying a $4.3 billion settlement.
REGULATION | #Binance Admits to Wrongdoings, to Pay $4 Billion Penalty as Founding CEO Steps Down
The U.S. Federal government also issued a warning to the rest of the cryptocurrency industry.https://t.co/wScRV3EGpb pic.twitter.com/Y4fYBhRmGm
— BitKE (@BitcoinKE) November 22, 2023
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