Binance Faces Money Laundering Charges in Nigeria

The court adjourned the money laundering case against Binance in Nigeria until October 11. These include allegations of not being registered for tax by the Nigerian Federal Inland Revenue Service.

In addition to tax evasion, Nigerian authorities have charged Binance and its two executives, Tigran Gambarian and Nadeem Anjarwala, with money laundering. Tigran Gambaryan is a US citizen and Head of Financial Crimes Compliance at Binance. On the other hand, Nadeem Anjarwala serves as the regional manager for British Kenyan Africa. The court on June 14 dismissed the tax evasion charges against both executives.

Both Gambarian, who has been in a Nigerian prison since February, and Anjarwala, who fled the country in March, have denied the charges. They were charged with laundering more than $35 million and engaging in special financial activities without a license.

According to Binance CEO Richard Teng, Binance executives held talks with Nigerian officials in January, followed by a meeting on February 26. During the meeting, the Nigerian authorities described the case related to Binance as “a matter of national security” and demanded its cancellation. Naira currency from Binance. With this, he asked for detailed information about all Nigerian users on Binance.

Gambarian contracted malaria and pneumonia while in prison in Nigeria. Binance's lawyers asked for Gambia's release for medical treatment, but the trial judge ruled that Gambia's medical records were not presented in court. Gambian's health issues have halted the trial since May.

Previously, the court had ordered the hospital conducting the treatment to submit the medical report, but the director of the hospital did not do so. At this point, the judge issued a bench warrant for the director's arrest. Along with this, Gamberia was ordered to be admitted to the hospital for treatment.

Nigerian authorities blame Binance for the crisis in their local currency, the naira. According to them, Binance became the choice for people to trade with Naira as the country's currency situation was already deteriorating.

Only time will tell who will win this legal battle, whether Binance or the Nigerian authorities. One thing is certain: the court's decision will determine the future not only of Binance but also of the entire crypto ecosystem in Nigeria.