Binance Executive Tigran Gambaryan Collapses in Nigerian Court During Money Laundering

A Binance executive presently in detention in Nigeria collapsed at the Federal High Court, Abuja, while being arraigned by the Economic and Financial Crimes Commission (EFCC) over his alleged involvement in a money-laundering scheme.

According to local media reports, Gambaryan's lawyer, Mark Mordi of Advo Ozor, told the court that since his last trial date, his client had been ill and was still facing health challenges. On the day he fell in court, Gambaryan was supposed to be arraigned on tax evasion charges filed against him by Nigeria's Federal Inland Revenue Service (FIRS).

However, his lawyer was present to indicate that he was unable to appear in court on the said date.

Court Arraignment on Money Laundering Charges

Following the call of the case by the registrar of the court on the money laundering charges, Gambaryan did not answer. He was sighted sitting in the back row. Even as Gambaryan's defence lawyer ushered him to the dock, he suddenly fell, needing the support of his lawyer to sit in a chair placed in the first row.

But Mordi, in his explanation, added that his client had been ill, which an application to that effect had already been moved in writing, asking that the matter be adjourned on that ground so that he could seek medical attention. Indeed, to proceed with the matter under the circumstance would be unthinkable, he said. Consequently, the court adjourned the matter until June 20 and 21 for cross-examination and trial.

On May 16, Justice Nwite had denied Gambaryan bail on the grounds that the EFCC was worried that he was a flight risk in case he was released from the Kuje Correctional Centre, where he is currently being held.

The magistrate remanded Gambaryan to the Kuje Correctional Centre in Abuja when he pleaded not guilty to the money laundering charges filed against him by the EFCC.

Then in March, the FIRS alleged that Binance and its top executives, Gambaryan and Anjarwalla, committed a series of offences related to tax evasion. The offences included failure to declare its registration at the FIRS, failure to pay company income tax, failure to remit value-added tax collected from clients, and facilitating the non-payment of tax.

Notably, the Nigerian government has accused the crypto platform of influencing changes in exchange rates.

Speaking at a Singapore forum earlier this week, Binance CEO Richard Teng also alleged that Nigerian officials tried to blackmail Binance representatives into a secret settlement paid in cryptocurrency during a series of meetings earlier this year.

The exchange clarified in a follow-up statement that it would stop facilitating all trades relating to the nation's fiat currency. Binance said in another statement that its peer-to-peer trading platform dropped all trading pairs with naira at the.