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Nigeria seeks to try executives of crypto exchange Binance for alleged money laundering, tax evasion
ABUJA, Nigeria (AP) — Nigerian authorities asked a court Thursday for cryptocurrency exchange Binance and two of its executives to be tried for alleged money laundering and tax evasion, the first legal step after weeks of criminal investigation into the trading platform.
Only Tigran Gambaryan, a US citizen and head of financial crime compliance at Binance, attended the court hearing while Nadeem Anjarwalla, the company’s regional director, remains at large after escape from police custody end of March.
Nigeria is home to Africa’s largest crypto economy by trading volume, with many citizens using crypto to protect their finances against rising inflation and falling local currency. However, authorities claimed that the platform was used for money laundering and terrorist financing.
In separate charges seen by The Associated Press on Thursday at the Federal High Court in the capital, Abuja, Nigeria’s anti-corruption agency and the local revenue authority accused Binance and the two officials of operating without the required license , illegally negotiate exchange rates, taxes. tax evasion and concealment of the origin of illegal proceeds and income of $35.4 million.
Gambaryan was escorted in and out of the court by officials from the anti-graft agency.
Binance could not immediately be reached for comment.
Since Gambaryan and Anjarwalla were arrested on February 26, their trial has been surrounded by controversy after they accused authorities of illegally detaining them and confiscating their passports.
Additionally, local media reported that the Nigerian government demanded the names of citizens transacting on the platform.
The Abuja court on Thursday adjourned the formal opening of the money laundering trial until April 8 after Mark Mordi, Gambaryan’s lawyer, argued that his client could not represent Binance in the case without the authorization from the company, which the prosecutor did not agree with.
“There is evidence that the second defendant (Gambaryan) is a representative of the first defendant in this country (Binance),” said Ekene Iheanacho, a lawyer representing the Nigerian Economic and Financial Crimes Commission.