Binance Money Laundering Case in Nigeria Postponed Until October 11

The court has postponed the case of money laundering against Binance in Nigeria until October 11. Binance faces four allegations of tax evasion in Nigeria.

Binance’s money laundering case in Nigeria has been adjourned till October 11 by the court. The crypto exchange faces four allegations of tax evasion.

Binance is accused of not registering for tax with Nigeria’s Federal Inland Revenue Service (FIRS).

The Nigerian authorities have also accused Binance and two of its executives, Tigran Gambaryan and Nadeem Anjarwalla, of money laundering. Gambaryan is a US citizen and the head of Binance financial crimes compliance, while Anjarwalla is the British Kenyan regional manager for Africa.

The court dismissed the tax evasion charges against both these executives on June 14. However, the money laundering charges against them remain intact.

Gambaryan, who has been in Nigerian custody since February, and Anjarwala, who fled the country in March, have both denied the charges. They face accusations for laundering more than $35 million and engaging in specialized financial activities without a license.

According to Binance CEO Richard Teng, Binance executives had discussions with Nigerian authorities in January, which were followed by a meeting on February 26.

During the meeting, the Nigerian authorities described the issue related to Binance as a “matter of national security” and demanded the delisting of the Naira currency from Binance. Along with this, they also asked for detailed information about all the Nigerian users on Binance.

Gambaryan reportedly fell ill with malaria and pneumonia while in Nigerian jail. Binance’s lawyers sought Gambaryan’s release for medical treatment, but the trial judge noted that Gambaryan’s medical records had not been presented in court. Gambaryan’s health issues have stalled the trial proceedings since May.

Earlier, the court had ordered the hospital treating him to submit his medical reports but the hospital director did not comply. This time the judge has issued a bench arrest warrant against the director. Along with this, Gambarian has been ordered to be admitted to hospital and get treatment.

The Nigerian authorities hold Binance responsible for the crisis arising on their local currency Naira. According to them, the condition of the country’s currency was already deteriorating, so Binance became a choice for people to trade with Naira.

Only time will tell who will win this legal battle, whether it is Binance or the Nigerian authorities. One thing is certain: the court’s decision will determine the future not only for Binance but also for the entire crypto ecosystem in Nigeria.

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