Binance exec denied bail in Nigeria money laundering trial

May 17, 2024 Coin Telegraph

bail denial

Head prosecutor Ekele Iheanacho objected to bail by highlighting Gambaryan’s questionable attempt to get a new passport, allegedly due to a stolen previous one.

Tigran Gambaryan, a Binance executive detained in Nigeria since February, has reportedly been denied bail by a Nigerian court in a money laundering trial.

According to a local media report, Judge Emeka Nwite denied the bail application, stating that he believed Gambaryan posed a flight risk and would likely flee if released on bail.

Gambaryan, Binance Holdings and another senior executive, Nadeem Anjarwalla — who is currently at large — face charges from the Economic and Financial Crimes Commission (EFCC) related to money laundering and the financing of terrorism.

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Cryptocurrency Exchange Kucoin Suspends P2P Services for Nigerian Naira

May 16, 2024 Bitcoin.com

bitcoin.com

Kucoin, a global cryptocurrency exchange platform, announced on May 15 that it has temporarily suspended its peer-to-peer (P2P) services for the Nigerian naira, as well as the Fast Buy service via naira cards. The crypto exchange stated that during this period, it will focus on ensuring compliance and creating a more robust and secure environment […]

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Nigerian Currency Becomes Worst-Performing After Erasing All Early April Gains

May 12, 2024 Bitcoin.com

Africa

The Nigerian currency, which has been depreciating against the U.S. dollar in the past few weeks, has completely erased its gains from early April, making it the worst-performing currency in the world. The decline of the naira is attributed to Nigeria’s ongoing foreign exchange shortages. One economist expects the pressure on the currency to peak […]

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Nigeria’s foreign investment at risk due to Binance bribery allegations

May 12, 2024 Coin Telegraph

Binance

SBM Intelligence emphasized that detaining foreign business officials could make it challenging for the country to attract investors.

SBM Intelligence, an Africa-focused risk consultancy firm, has warned that Binance CEO Richard Teng’s bribery allegations against Nigerian government officials could impede the country’s foreign investment efforts.

In its assessment of recent events and their economic implications, which was shared with media publications, SBM Intelligence noted that the circumstances surrounding the detention of Binance officials in Nigeria send a discouraging message to foreign investors, potentially undermining confidence in the country’s investment landscape.

On Tuesday, May 7, Cointelegraph reported that Teng alleged that some unknown persons sought a cryptocurrency bribe from its executives, Tigran Gambaryan and Nadeem Anjarwalla, before their detention on Feb. 28, 2024.

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Binance CEO Richard Teng Demands Nigeria Release Imprisoned Employee, Offers Help in Resolving Tax Issues

May 7, 2024 The Daily Hodl

Binance

Binance CEO Richard Teng is demanding the release of a top executive imprisoned in Nigeria for alleged money laundering crimes. In a new Binance blog post, Teng calls on Nigerian authorities to release Tigran Gambaryan, head of the crypto exchange’s Financial Crime Compliance team, who has been held for more than 70 days. Gambaryan was […]

The post Binance CEO Richard Teng Demands Nigeria Release Imprisoned Employee, Offers Help in Resolving Tax Issues appeared first on The Daily Hodl.

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Nigerian court postpones money laundering trial of Binance and execs

May 2, 2024 Coin Telegraph

Binance

A judge in Nigeria reportedly adjourned proceedings in a case against Binance and two executives until May 17 to allow lawyers to review certain documents.

The trial of Tigran Gambaryan, a Binance executive detained in Nigeria since February, has reportedly been postponed until May 17 after another delay in court.

According to a May 2 Reuters report, lawyers representing Binance said they had not received documents necessary to move forward with a money laundering case involving the firm, Gambaryan, and regional manager Nadeem Anjarwalla. The trial was expected to begin on May 2, but a judge reportedly adjourned proceedings until May 17 to allow the legal team to review the documents.

The trial is separate from tax evasion charges brought against Binance, Gambaryan and Anjarwalla by Nigeria’s Economic and Financial Crimes Commission. All parties have pleaded not guilty in the money laundering case. A bail hearing for Gambaryan is scheduled for May 17.

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Extradition papers ready for Binance’s Anjarwalla, says INTERPOL Africa

May 1, 2024 Coin Telegraph

Binance

The Interpol official did not confirm that Anjarwalla is currently held in Kenya but noted that the fleeing crypto executive was last seen in the country.

The International Criminal Police Organization for Africa (INTERPOL Africa) has confirmed the completion of extradition paperwork for Binance Holdings Limited executive Nadeem Anjarwalla, who fled the jurisdiction.

INTERPOL Africa’s Vice-President, Garba Umar, revealed this information during an appearance on the April 30 edition of Sunrise Daily program on local news agency Channels Television.

In the interview, Umar added that the organization is actively working with the governments of different countries by serving a red notice against Anjarwalla and presenting necessary treaties, a Memorandum of Understanding, and other documentation to facilitate his extradition to Nigeria for trial.

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Nigerian Central Bank Disavows Letter Directing Banks to Sever Ties With Crypto Exchanges

April 24, 2024 Bitcoin.com

Africa

The Central Bank of Nigeria (CBN) has disavowed a letter that allegedly instructed financial institutions to sever ties with four global cryptocurrency exchanges. The central bank stated that the letter did not originate from its office and recommended that individuals interested in “authentic updates” refer to its official website. Fake Content The Central Bank of […]

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Nigeria’s central bank forced to deny claims of crypto account freeze

April 24, 2024 Coin Telegraph

Coin Telegraph

The CBN, through the circular, also stated that regulated financial institutions dealing in crypto or facilitating payments for crypto exchanges are prohibited.

Update 11:45 am UTC: The central bank is denying they have issued a directive.

The Central Bank of Nigeria (CBN) has been forced to deny a report saying it issued a directive requiring all banks and financial institutions to identify individuals or entities engaging in transactions with cryptocurrency exchanges and to ensure that such accounts are put on Post No Debit (PND) instruction for six months.

A “Post No Debit” instruction is a directive issued by a bank or financial institution to restrict certain transactions on a customer’s account. When a PND instruction is in place, the account holder is prohibited from making debit transactions, meaning they cannot withdraw funds or make payments using the affected account.

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Binance exec will remain in Nigerian custody until May 17 bail hearing: Report

April 23, 2024 Coin Telegraph

Binance

The question of Tigran Gambaryan’s bail in Nigeria was expected to be addressed in an April 22 hearing, which has reportedly been pushed back to May 17.

Tigran Gambaryan, a Binance executive detained in Nigeria since February, will reportedly remain in custody until a bail hearing on May 17.

According to April 23 reports from local news outlets, Gambaryan will remain in Nigeria’s Kuje prison until at least May 17, when a judge will decide whether to grant the Binance executive bail. He initially traveled to Nigeria in February with fellow Binance executive Nadeem Anjarwalla to address claims the exchange manipulated the country’s fiat currency, the naira. Nigerian authorities detained both Binance executives as the crypto exchange announced that it intended to cease all naira transactions.

Gambaryan was expected to return to court on April 19 following an initial postponement, and the question of bail was to be addressed on April 22. He has pleaded not guilty to tax evasion and money laundering charges brought by Nigeria’s Economic and Financial Crimes Commission, with a trial scheduled for May 2.

Nigeria

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