Binance executive Tigran Gambaryan, who was detained in Nigeria in late February, pleaded not guilty to four counts of money laundering charges during a courtroom session on April 8. Gambaryan maintained his innocence and argued that he should not be held accountable for Binance’s activities in Nigeria as he does not have decision-making authority in the company’s business operations. However, Judge Emeka Nwite rejected his defense and stated that Gambaryan acted as Binance’s representative during previous trips to Nigeria, citing local laws.
Gambaryan’s lawyer, Chukwuka Ikuazom, contested that his client could not enter a plea on behalf of his escaped colleague who was also served with charges. The case was previously adjourned until April 19, but now Gambaryan’s hearing on bail consideration has been further postponed until April 18. Reports suggest that hearings on the substantive charge will commence on May 2.
Judge Nwite ordered Gambaryan to be remanded at Kuje prison in Abuja until the conclusion of the case. Gambaryan’s attorney requested the court to return the defendant to the Economic and Financial Crimes Commission (EFCC), but the EFCC’s counsel disputed the suggestion, stating that individuals accused of similar offenses are typically sent to the Kuje facility until the court makes a decision.
Meanwhile, Nadeem Anjarwalla, Binance’s Africa Regional Manager, managed to escape and flee Nigeria in March while Gambaryan remains in custody. The EFCC’s charges against Gambaryan and Anjarwalla are part of a broader investigation into Binance’s activities in Nigeria, including allegations of manipulating and crashing the Nigerian naira, as well as tax fraud.