Tigran Gambaryan, a U.S. citizen and Binance's head of financial crime compliance has been sent to Kuje Correctional Centre pending the determination of his bail application.
- Tigran Gambaryan, a U.S. citizen and Binance's head of financial crime compliance has been sent to Kuje Correctional Centre pending the determination of his bail application.
- Gambaryan pleaded not guilty to the money laundering charges filed against him by the Economic and Financial Crimes Commission (EFCC).
- The EFCC accused Binance, Gambaryan, and Nadeem Anjarwalla of concealing the source of $35,400,000 in revenue generated by Binance in Nigeria, knowing that the funds stemmed from illegal activities.
The trial judge, Emeka Nwite, issued the order after Gambaryan pleaded not guilty to the money laundering charges filed against him by the Economic and Financial Crimes Commission (EFCC).
The EFCC accused Binance, Gambaryan, and Nadeem Anjarwalla, who escaped from lawful custody on March 22, of concealing the source of $35,400,000 in revenue generated by Binance in Nigeria, knowing that the funds stemmed from illegal activities.
The arraignment of Binance Holdings Limited and Tigran Gambaryan was delayed on April 4 due to an objection raised by Gambaryan's attorney, Mark Mordi (SAN), that his client couldn't be charged after the EFCC failed to serve Binance Holdings Limited.
However, EFCC counsel E.E. Iheanacho pointed out that the second defendant served as a representative of Binance in the country.
In his ruling, Justice Nwite declared that serving Gambaryan on behalf of the company was appropriate.
He cited Section 478 of the Administration of Criminal Justice Act, which stipulates that service must be effected on a chief agent of a company within the jurisdiction.
He added that all the prosecution needed was to establish that the person being served was an agent of Binance.
The prosecution counsel then requested a date for the commencement of the trial. However, Gambaryan’s lawyer, Mordi, pleaded with the court to grant his client’s bail application.
However, Iheanacho argued, “The proper place to be post-arrangement is a correctional centre. We have Nigerians convicted in the US. His detention was proper. They raised a Preliminary Objection which the magistrate court dismissed.”
Mordi urged the court to keep his client in the EFCC custody, but the court ruled that he should be kept at the Kuje Correctional Centre.
The judge subsequently adjourned the matter until April 18 for the ruling on Gambaryan’s bail application and May 2 for the commencement of trial.
