Binance Executive Remanded In Kuje Prison Amid Money Laundering Charges

• Tigran Gambaryan, a Binance executive, pleads not guilty to money laundering charges

• Court dismisses objection to Gambaryan’s arraignment, says service on him was proper

• Judge adjourns matter to April 18 for ruling on Gambaryan’s bail application

Eko Hot Blog reports that, in a dramatic turn of events, the Federal High Court in Abuja has remanded Tigran Gambaryan, an executive of Binance Holdings Limited, in the Kuje Correctional Centre.

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Gambaryan was arraigned by the Economic and Financial Crimes Commission (EFCC) on money laundering charges, which he has pleaded not guilty to.

The EFCC had accused Binance, Gambaryan, and his fleeing colleague, Nadeem Anjarwalla, of concealing the source of the $35,400,000 generated as revenue by Binance in Nigeria, knowing that the funds constituted proceeds of unlawful activity.

Despite an initial objection from Gambaryan’s counsel, the court ruled that the service of the charges on the Binance executive was proper, as he was deemed to be the duly appointed representative of the company in the country.

As quoted in the source, “The service of the second defendant on behalf of the first defendant is proper. The court should proceed with the arraignment of the defendants.”

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The case is set to continue, with the court adjourning the matter to April 18 for a ruling on Gambaryan’s bail application and May 2 for the commencement of the trial.

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