Share this article
Detained Binance Exec Pleads Not Guilty to Money Laundering Charges in Nigeria: Reports
Tigran Gambaryan was remanded pending trial, reports say.
Updated Apr 8, 2024, 1:46 p.m. Published Apr 8, 2024, 1:43 p.m.
Make us preferred on Google
- Binance's head of financial crime compliance Tigran Gambaryan reportedly pleaded not guilty to money laundering charges in a Nigerian high court on Monday before he was remanded pending trial.
- Despite Binance saying Gambaryan had no decision-making power at the company, presiding judge for the case reportedly ruled he can be considered a representative of the company under Nigerian law.
Binance executive Tigran Gambaryan, who was detained by Nigerian authorities in February alongside a colleague, pleaded not guilty to money laundering charges at a high court on Monday, local outlets reported.
Gambaryan was remanded until trial, according to reports, while bail can be requested until April 18.
STORY CONTINUES BELOW
The head of Binance's financial crime compliance was detained in the country along with another executive at the company, Nadeem Anjarwalla, back in February amid accusations by Nigeria's government that Binance had helped process illegal funds worth billions of dollars and that it had manipulated the exchange rate for the Nigerian naira.
In March, Anjarwalla escaped custody and, since then, the two executives have filed suit against the Nigerian government accusing it of violating human rights.
Nigeria's Federal Inland Revenue Service (FIRS) has accused Binance, Gambaryan and Anjarwalla of tax evasion, while the Economic and Financial Crimes Commission (EFCC) has accused the same parties of laundering money.
Despite Binance's statement last week urging Gambaryan should not be held responsible for the company because he doesn't have any desicion-making power, a Nigerian judge allowed the suit to continue, reports said.
Justice Emeka Nwite reportedly argued that Gambaryan and Anjarwalla had in the past engaged with officials in the country regarding the crypto exchange's operations, and therefore could pass as representatives of the firm.
Gambaryan reportedly pleaded not guilty to five counts including one alleging that he, Anjarwalla and Binance used the crypto exchange to "unlawfully negotiate foreign exchange rates in Nigeria and you thereby committed an offense contrary to and punishable under section 29(1) (C) of the Foreign Exchange (Monitoring And Miscellaneous Provisions) Act."
CoinDesk has reached out to Binance and Nigeria's Federal High Court for comment.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Senate Agriculture's crypto market structure draft peppered with Democrat pitches
The latest draft of the major crypto legislation has begun to be targeted with amendments as the Senate Agriculture Committee approaches its hearing next week.
What to know:
- Proposed amendments to the Senate Agriculture Committee's crypto market structure bill have been posted, and the Democrats filing the pitches are seeking to push a number of the points they've sought over months of negotiation.
- Democrat amendments include proposals for banning senior government officials from profiting off of crypto interests and a demand for filling the Commodity Futures Trading Commission before new rules can be put in place.
- The committee's markup hearing for the bill is currently scheduled for next week, though a winter storm threatens the U.S. capital.
Top Stories
