Nigerian authorities pursue legal action against Binance and executives | ANG
  • June 21, 2024

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Nigerian authorities have taken legal action against cryptocurrency exchange Binance and two of its executives, alleging money laundering and tax evasion.

The court hearing, which took place in the capital, Abuja, saw Tigran Gambaryan, Binance’s head of financial crime compliance, present, while Nadeem Anjarwalla, the company’s regional manager, remains at large after fleeing custody in March.

The charges brought against Binance and the executives include operating without a license, unlawfully negotiating foreign exchange rates, tax evasion, and concealing the origin of illegal proceeds amounting to $35.4 million.

The trial, which began following the arrest of Gambaryan and Anjarwalla in February, has been contentious, with the executives accusing authorities of illegal detention and passport seizure.

Moreover, reports surfaced suggesting that the Nigerian government requested the names of citizens trading on the platform.

The court adjourned the money laundering trial until April 8, following a dispute between Gambaryan’s lawyer and the public prosecutor over representing Binance without the company’s permission.

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