Crime

Binance Executive Remanded in Abuja Prison Over Money Laundering Allegations

Published

3 weeks ago

April 8, 2024

Stella Charles Akupue

Binance Executive Remanded in Abuja Prison Over Money Laundering Allegations

Tigran Gambaryan, an executive at Binance, has been remanded in Kuje Correctional Centre by a Federal High Court in Abuja pending the determination of his bail application.

The presiding judge, Justice Emeka Nwite, issued this directive after Gambaryan pleaded innocence regarding the money laundering accusations brought against him by the Economic and Financial Crimes Commission (EFCC).

The EFCC arraigned Binance Holdings Limited, a significant cryptocurrency firm, and Gambaryan, the company’s head of financial crime compliance, on a five-count charge.

The EFCC alleges that Binance Holdings Limited and Gambaryan were involved in various money laundering acts. The specifics of the charges have not been disclosed publicly, but the severity of the accusations has led to Gambaryan’s remand pending further legal proceedings.

Following Gambaryan’s plea of innocence, Justice Nwite postponed the proceedings until April 18 to deliberate on Gambaryan’s bail request. Additionally, the trial has been scheduled to commence on May 2, indicating that the legal process surrounding this case will likely extend over a considerable period.

If found guilty, the consequences of being charged with money laundering can be severe. In Nigeria, the Money Laundering (Prohibition) Act imposes penalties ranging from fines to imprisonment for individuals convicted of money laundering offences. Depending on the circumstances and severity of the crime, individuals found guilty of money laundering can face significant fines and lengthy prison sentences.

As this case unfolds, it has attracted widespread attention due to Binance’s prominent position in the cryptocurrency industry and the seriousness of the allegations against the company and its executives.

The outcome of the legal proceedings will not only have implications for Binance and Gambaryan but may also influence regulatory scrutiny within the cryptocurrency sector in Nigeria and beyond.

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