Nigeria court rules Binance executive can face trial on behalf of crypto exchange

ABUJA : A Nigerian court on Friday ruled that Binance govt Tigran Gambaryan can stand trial on behalf of the cryptocurrency swap in an ongoing tax evasion case.

Binance and executives Gambaryan, a U.S. citizen and head of financial crimes compliance, and British-Kenyan national Nadeem Anjarwalla, a regional manager for Africa, face four counts of tax evasion.

In a separate case, they luxuriate in got also been charged with laundering greater than $35 million and attention-grabbing in specialised financial activities with out a licence. They’ve all pleaded no longer responsible to the money laundering charges.

Binance’s lawyer declined to commentary after Friday’s court listening to. Gambaryan’s lawyer also had no commentary.

Gambaryan stays in custody while Anjarwalla fled the country in March. Nigeria’s security adviser’s place of business has mentioned it’s working with Interpol to see Anjarwalla’s arrest.

The CEO of Binance has accused Nigeria of environment a bad precedent after its executives were invited to the African country in February for talks with authorities and then detained as allotment of a crackdown on crypto.

Binance itself has no longer been charged in the tax evasion case by Nigeria’s Federal Inland Revenue Carrier (FIRS), which has mentioned Gambaryan would possibly presumably face the costs on the swap’s behalf.

Gambaryan’s lawyer has beforehand mentioned Gambaryan develop into once “neither a director, associate nor company secretary” and had no written instructions from Binance to face the costs on its behalf.

Mediate Emeka Nwite ruled on Friday that Gambaryan has to be served with the costs in opposition to Binance because he’s the manager financial compliance officer of Binance and he develop into once duly appointed to indicate it in a assembly in Nigeria.

Gambaryan can be arraigned in court on Wednesday to rob a plea on behalf of Binance.

Gambaryan’s bail utility in the case of the money laundering case develop into once denied on Friday.

Nigeria has blamed Binance for its currency woes after cryptocurrency websites emerged as platforms of preference for trading the Nigerian naira currency, because the country grappled with power buck shortages.