High Court Adjourns $35Million Money Laundering Trial Of Binance Executives To May 13

A Federal High Court in Abuja has adjourned the money laundering trial involving the cryptocurrency exchange platform, Binance and two of its executives, Tigran Gambaryan and Nadeem Anjarwalla, to May 13.

Naija News reports that the adjournment followed a sequence of legal proceedings as Binance and its executives face allegations of laundering over $35 million.

In related developments, the court also adjourned a tax evasion trial against Binance and the same executives to May 17.

This decision came after it was revealed that Binance had not been formally served with the tax evasion charges, complicating the legal process.

Gambaryan’s lawyer, Chukwuka Ikuazom, highlighted the delay in proceedings, arguing that his client could not take a plea until Binance, the primary defendant, had been properly served according to Nigerian law.

The trials have attracted significant attention due to Anjarwalla’s escape from Nigerian authorities to Kenya, adding a layer of complexity and urgency to the proceedings.

This escape was particularly concerning to the Economic and Financial Crimes Commission (EFCC), which last Tuesday argued against granting bail to Gambaryan, citing the flight risk demonstrated by Anjarwalla’s actions.

In addition to money laundering, Binance, Gambaryan, and Anjarwalla face four counts of tax evasion, primarily involving failures to register with Nigeria’s Federal Inland Revenue Service (FIRS) for tax remittance purposes.