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COINTURK NEWS > Binance > Binance Executive Collapses During Court Hearing in Nigeria
Binance

Binance Executive Collapses During Court Hearing in Nigeria

In Brief

  • Binance executive Tigran Gambaryan fainted during his trial in Nigeria.

  • The court postponed the trial for medical treatment of Gambaryan.

  • Binance announced halting all Nigerian naira transactions in March 2024.

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Currently detained in Nigeria, Binance executive Tigran Gambaryan fainted during his trial at the Federal High Court in Abuja. The trial is based on allegations of foreign exchange violations and money laundering by the Nigerian Economic and Financial Crimes Commission (EFCC). According to local reports, Gambaryan’s legal representative Mark Mordi informed the court on May 22 that his client had been unwell since the previous hearing date and that his health issues were ongoing.

Contents
Executive Collapses During TrialWhat’s Happening on Binance’s Front?

Executive Collapses During Trial

Gambaryan had not appeared in court the same day for a separate hearing on tax evasion charges filed by the Nigerian Federal Inland Revenue Service (FIRS). However, he did appear for the money laundering charges. During the money laundering court proceedings, the court clerk called the case, but Gambaryan did not respond and remained seated at the back. Judge Emeka Nwite noticed his absence and requested an explanation. In response, Gambaryan’s defense attorney assisted him to the dock.

However, Gambaryan suddenly collapsed and asked his lawyer for help to sit in the front row. Mordi explained that his client was unwell and had submitted a written application to inform the court of his condition. Due to Gambaryan’s sudden collapse, Mordi requested a postponement for his client’s medical treatment.

Mordi emphasized that continuing the trial under these conditions would be indefensible. The court then scheduled cross-examination and hearings for June 20 and 21. The judge had previously denied Gambaryan’s bail request on May 16, citing EFCC’s concerns that he posed a flight risk if released from Kuje Prison, where he is currently detained.

 

What’s Happening on Binance’s Front?

Gambaryan was transferred to Kuje Prison in Abuja in April 2024 after admitting to money laundering charges by the EFCC. In March, FIRS charged Binance and its executives Gambaryan and Nadeem Anjarwalla with tax evasion. The charges included failing to register with FIRS, not paying corporate income tax, not paying value-added tax, and facilitating tax evasion.

The Nigerian government accused the cryptocurrency exchange of affecting exchange rates and required stricter oversight of crypto trading platforms. Binance CEO Richard Teng recently issued a statement alleging that Nigerian officials tried to coerce Binance representatives into a secret deal payable in cryptocurrency during meetings in early 2024.

On March 5, Binance announced it would halt all Nigerian naira transactions and effectively exit the market. Binance also stated that its peer-to-peer trading platform delisted all Nigerian naira trading pairs at the end of February.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 24 May, 2024 - 1:00 pm 24 May, 2024 - 1:00 pm
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