Federal high court orders remand of Binance official in Kuje

A Federal High Court in Abuja has ordered the remand of Tigran Gambaryan, a senior official of Binance Holdings Limited, in Kuje prison.

Gambaryan pleaded not guilty to charges of money laundering brought against him by the Economic and Financial Crimes Commission (EFCC).

The Presiding Judge, Justice Emeka Nwite, scheduled a bail consideration hearing for April 18, while substantive charge hearings are set to commence on May 2.

This development has attracted widespread attention, reflecting Nigeria’s firm stance against financial misconduct.

Gambaryan’s arrest, alongside Nadeem Anjarwalla, another Binance executive, sheds light on the company’s alleged involvement in money laundering and terrorism financing.

While Gambaryan remains in custody, Anjarwalla, Binance’s Africa Regional Manager, has fled Nigeria, prompting the government to seek his extradition to face charges.

The EFCC’s actions against Gambaryan and Anjarwalla are part of a broader investigation into Binance Holdings Limited’s operations.

Additionally, the Federal Inland Revenue Service (FIRS) has accused both individuals and the company of tax fraud, heightening legal pressures on the cryptocurrency trading platform.