Abuja, Nigeria, Monday, May 27, 2024 – Tigran Gambaryan, a detained executive for cryptocurrency exchange Binance, was hospitalized on Thursday, May 23, 2024, after collapsing during his money laundering trial in Abuja, Nigeria, according to Binance Blog. 1
Earlier, Gambaryan’s wife has criticized the conditions at Kuje Prison, where he has been held since February, and his continued court appearances despite health concerns.
Gambaryan faces charges of money laundering and tax evasion. Trials are scheduled for June 14 and June 20. His legal team is seeking urgent medical attention for him while the legal proceedings continue.
The Nigerian court has denied bail to Tigran Gambaryan on Friday, May 17, 2024.2
Gambaryan has been in Nigerian custody since late February, after arriving for talks with government officials regarding Binance’s operations in the country. Both Gambaryan and Binance face charges of money laundering and tax evasion.
The court’s decision stemmed from concerns that Gambaryan posed a flight risk. A spokesperson for Gambaryan’s family expressed disappointment, maintaining his innocence and lack of decision-making authority within Binance.
Binance has also denied the charges and called for Gambaryan’s release, claiming his arrest was a tactic to pressure the company.
Negotiations between Binance and the Nigerian authorities are ongoing.
The situation surrounding Tigran Gambaryan, a detained executive for cryptocurrency exchange Binance, is complex.
Binance operates in Nigeria, a country with a growing crypto market, but the extent of their regulatory compliance remains unclear.
The Central Bank of Nigeria (CBN) has a cautious stance on crypto, even banning banks from facilitating crypto transactions in February 2021.
Things escalated in late February 2024 when Gambaryan, possibly Binance’s Head of Financial Compliance, traveled to Nigeria for talks with the government.
He was then arrested and detained by Nigerian authorities. Both Gambaryan and Binance face charges of money laundering and tax evasion.
The specific details and evidence behind these charges haven’t been made public, but possibilities include concerns about Binance’s compliance with CBN regulations, suspicions of illegal activity on the platform in Nigeria, or potential misuse for money laundering or tax evasion.
Binance denies all charges and claims Gambaryan’s arrest is a tactic to pressure the company. Negotiations are ongoing, but the situation remains fluid and further details may emerge.
- binance.com: https://www.binance.com/en/square/post/8543634724706[↩]
- theguardian.com: https://www.theguardian.com/technology/article/2024/may/17/binance-executive-denied-bail-in-nigeria-over-money-laundering-charges[↩]
