An Abuja court hearing has disclosed that the arraignment of two Binance executives, who were detained by Nigerian authorities against their will, has been rescheduled for April 19. The Nigerian authorities are pursuing criminal charges against the crypto duo from Nigeria.
Tigran Gambrayan, Binance’s head of financial crime compliance, and Nadeem Anjarwalla, the regional manager for Binance in Africa, were initially detained in Nigeria’s capital at the end of February.
Amidst facing criminal charges, the hearing for Binance executives has been postponed.
While both individuals are accused of money laundering and running an unlicensed crypto exchange, only Gambrayan appeared in court on Thursday, as Anjarwalla managed to evade capture successfully last month.
Judge Emeka Nwite agreed to postpone the hearing until April 19 after learning of an additional tax evasion charge against Binance.
This delay represents the latest development in an ongoing legal saga spanning nearly two months for the crypto exchange, which has been actively campaigning for the release of its detained employees by Nigerian authorities.
Please sign this petition and share it widely to #BringTigranHome!https://t.co/9rploFqdtK
— Binance (@binance) April 4, 2024
“In an April 3 statement, Binance respectfully appeals for Tigran Gambaryan, who lacks decision-making authority within the company, not to be held accountable while ongoing discussions between Binance and Nigerian government officials are in progress,” the cryptocurrency exchange conveyed.
It has been reported that INTERPOL has taken on the Binance Nigeria case.
The Nigerian legal delay comes amidst recent reports indicating that the International Criminal Police Organization (INTERPOL) has become involved in the Binance Nigeria case, with the objective of extraditing Anjarwalla back to Nigeria.
According to Nigerian news outlet The Punch, the extradition process for Mr. Anjarwalla has commenced, with the Federal Government collaborating with INTERPOL to bring the fugitive back to Nigeria. Anjarwalla is characterized as a fugitive who escaped lawful custody, while his partner remains in custody and is scheduled to be arraigned on Thursday (April 4) alongside their company, Binance.
Nigeria’s Inspector General of Police, Olukayode Egbetokun, expressed confidence in Anjarwalla’s eventual recapture during a press briefing on Thursday. While refraining from disclosing specific details regarding INTERPOL’s actions, Egbetokun assured reporters that significant efforts were underway to re-apprehend the suspect.
“I’m not going to tell you what INTERPOL is doing, but I must tell you that we are doing a lot,” The Punch quoted Egbetokun as saying. “I can assure you that the suspect will be re-arrested.”
Nigeria Implements Stringent Measures Against Cryptocurrency
Despite being home to the continent’s leading cryptocurrency economy, Nigeria is intensifying its regulatory stance on digital assets by effectively prohibiting several exchanges from operating within the country, notably including Binance, Coinbase, and others.
''in the case of Binance, In the last one year, 26 billion dollars has passed through Binance Nigeria from sources and users who we cannot adequately identify.''
CBN Governor, Olayemi Cardoso pic.twitter.com/A6O2wlsY5M
— Channels Television (@channelstv) February 27, 2024
Central Bank of Nigeria Governor Olayemi Cardoso raised concerns regarding the significant volume of transactions processed through Binance in 2023, amounting to a staggering $26 billion. Cardoso emphasized that these transactions involved sources and users whose identities could not be sufficiently verified, sparking apprehension about potential illicit activities facilitated through the platform.
The exact repercussions that Tigran Gambrayan and Nadeem Anjarwalla could face if they are brought to trial and found guilty remain uncertain. The severity of penalties for individuals convicted of offenses related to cryptocurrency regulation can vary widely depending on numerous factors, including the specific charges, the legal framework in place, and the discretion of the judiciary. Given the evolving nature of cryptocurrency regulation and enforcement in Nigeria, the potential consequences for Gambrayan and Anjarwalla remain subject to speculation until further legal proceedings unfold.
read more about: Nigeria’s financial regulator summons Binance CEO over concerns about criminal activities.
