Nigerian Authorities take legal action against Binance and Executives over financial allegations

In a significant legal development, Nigerian authorities have initiated legal proceedings against Binance, a prominent cryptocurrency exchange platform, and two of its executives. The charges leveled against them include allegations of money laundering and tax evasion, following a thorough investigation into the platform’s financial activities.

During the court session, only Tigran Gambaryan, serving as Binance’s compliance officer, was present.

Meanwhile, Nadeem Anjarwalla, the company’s regional director, remains at large after fleeing custody in March.

Nigeria, known for its robust cryptocurrency market, has accused Binance of facilitating illicit financial practices such as money laundering and funding terrorism.

The charges, filed at the Federal High Court in Abuja, outline accusations of operating without the required license, engaging in unauthorized foreign exchange trading, tax evasion, and concealing the origins of funds amounting to $35.4 million.

Since their arrest, both Gambaryan and Anjarwalla have contested their detention and the confiscation of their passports.

Media reports have also highlighted the Nigerian government’s interest in obtaining information on Binance platform users.

The trial, originally scheduled to begin on April 8th, has been postponed due to legal disputes concerning Gambaryan’s authority to represent Binance in the case.