Binance executive arrested in court over Nigerian tax and money laundering allegations By Reuters

By Camillus Eboh

ABUJA (Reuters) – One of the two executives of Binance, the world's largest cryptocurrency exchange, jailed in Nigeria appeared in an Abuja court on Thursday where he was accused of tax evasion and money laundering.

Binance and two of its executives, Tigran Gambaryan, a US citizen and Binance's head of financial crime compliance, and Nadeem Anjarwalla, a British-Kenyan regional manager for Africa, were charged with four counts of tax evasion and money laundering of over $35 Million.

Gambaryan and Anjarwalla were arrested upon arrival in the country on February 26 in connection with a criminal investigation into Binance's activities in Nigeria. Anjarwalla escaped custody and fled the country.

Gambaryan was served with the charges when he appeared in court for the first time since his detention and did not enter a plea. He will be formally arraigned on the money laundering and tax charges on April 8 and April 19, respectively, if his plea is accepted.

Binance itself has not been charged by the Nigerian Economic and Financial Crimes Commission (EFCC), which has argued that Gambaryan could face the charges on behalf of the exchange.

Gambaryan's lawyer Chukwuka Ikuazom objected, saying he was “neither a director, partner nor company secretary” and had not received written instructions from Binance to bring the charges on their behalf.

Ikuazom also argued that since Binance and Gambaryan were jointly charged, he could not bring suit under Nigerian law until the exchange, the first defendant in the case, was served.

Binance, which was not represented in court and had no immediate comment, said Wednesday that it had respectfully requested that Gambaryan, who has no decision-making authority at the company, not be held responsible while discussions with the Nigerian government are ongoing.

Gambaryan has asked a Nigerian court for his release.

Nigeria blamed Binance for its currency woes after cryptocurrency websites emerged as the platforms of choice for trading Nigeria's naira currency as the country grappled with chronic dollar shortages.