A Nigerian court has stalled a case involving Binance, a major cryptocurrency firm, and two of its executives, pending the review of crucial documents by the defense. The case, which involves allegations of money laundering, has been adjourned until May 17.
Binance executive Tigran Gambaryan, who has been detained in Nigeria since February, is at the center of these allegations. Lawyers for Binance claimed they hadn’t received necessary information to prepare for the case, which was originally set to commence on May 2. This development led the presiding judge to postpone the case’s proceedings, giving the legal team time to scrutinize the documents.
Notably, this trial is separate from additional charges of tax evasion that the Nigerian Economic and Financial Crimes Commission has pressed against Binance, Gambaryan, and regional manager Nadeem Anjarwalla. All implicated parties have denied the allegations in the money laundering case, with a bail hearing for Gambaryan scheduled concurrently with the new trial date.
The two executives had visited Nigeria in February in response to accusations that Binance was manipulating the value of the country’s fiat currency, the naira. Following their arrival, local authorities detained and charged both men with tax evasion and money laundering. However, Anjarwalla reportedly managed to evade custody and escaped to Kenya where he maintains citizenship. Global law enforcement agency, Interpol reported on April 30 that extradition processes for Anjarwalla were underway.
The sequence of events involving arrests and accusations has led many to criticize the Nigerian authorities’ actions and has called into question the timing of the arrests, particularly as Binance announced its intentions to halt all naira transactions. Binance representatives have also refuted the charges, stating that Gambaryan did not possess the authority to make unilateral decisions for the company.
In related news, Changpeng Zhao, former Binance CEO, was recently sentenced to four months in prison in the U.S. following a guilty plea for failing to uphold an Anti-Money Laundering protocol. Zhao is expected to serve his time in either Oregon or Washington, with the date yet to be determined.