Tigran Gambaryan, a high-ranking official of Binance Holdings Limited, has been remanded in Kuje prison in Abuja by an Abuja Federal High Court decision.
Following Gambaryan’s not guilty plea to money laundering accusations brought against him by the Economic and Financial Crimes Commission (EFCC), a remand order was issued on Monday.
The hearing on Gambaryan’s bail consideration was subsequently adjourned to April 18 by Presiding Judge Justice Emeka Nwite, who also scheduled the start of the substantive charge hearings for May 2.
The public’s attention has been drawn to this case, which highlights Nigerian authorities’ tough stance against financial fraud.
The Federal Government’s detention of Gambaryan and another executive from Binance, Nadeem Anjarwalla, brought attention to the company’s purported role in financing terrorism and money laundering.
Anjarwalla, the regional manager for Africa for Binance, was able to get away and leave Nigeria while Gambaryan is still being held.
The government is vigorously pursuing his extradition so that it can prosecute him.
The accusations brought by the EFCC against Gambaryan and Anjarwalla are part of a larger probe into the operations of Binance Holdings Limited.
The Federal Inland Revenue Service (FIRS) has charged both parties of tax fraud in addition to the EFCC’s pursuit, increasing legal pressure on the bitcoin trading platform.
