Binance CEO pledges to cooperate with authorities in Nigeria's $35 million money laundering case

In a recent development, Binance CEO Richard Teng confirmed that the company will be working closely with Nigerian authorities following the detention of Tigran Gambaryan, the company’s head of financial crimes compliance. Gambaryan and another Binance official face charges of laundering more than $35 million.

A Nigerian court has adjourned the case until May 2, confirmed by the country's anti-corruption agency the Economic and Financial Crimes Commission (EFCC), Reuters reported.

Binance executives face increasing legal issues

As Bitcoinist previously reported, the detained executives Tigran Gambaryan and Nadeem Anjarwalla came to Nigeria after the country banned several cryptocurrency trading websites.

On February 26, they were detained by the Nigeria EFCC. While Gambaryan's case is ongoing, Anjarwalla, a British-Kenyan regional manager for Africa, fled Nigeria last month. However, authorities have now discovered his whereabouts in Kenya.

On February 26, they were detained by Nigeria’s Economic and Financial Crimes Commission (EFCC). While Tigran Gambaryan's case is still ongoing, Nadeem Anjarwalla, the Kenyan manager for the Africa region who holds dual British and Kenyan citizenship, fled Nigeria last month. However, authorities have now discovered his whereabouts in Kenya.

Nigerian authorities, with assistance from the Kenyan government and the International Criminal Police Organization (INTERPOL), found Nadeem Anjarwalla in Kenya after escaping custody, local newspapers reported. Nigeria's federal government is working to extradite him back to Nigeria to face the charges against him.

The EFCC is working with multiple international law enforcement agencies, including INTERPOL and the FBI, to lead efforts to secure Anjarwalla's return.

Following these developments, Binance CEO Richard Teng told a cryptocurrency conference in Dubai: "What I can say is that we are working closely with the Nigerian authorities to try to resolve this issue."

Tax evasion charges exacerbate detention issues

Vishal Sacheendran, Binance’s regional head of markets, admitted that the arrests against the company were unprecedented. However, he declined to comment to Reuters on the allegations against the company itself.

EFCC Chairman Ola Olukoyede stressed that the commission’s involvement in the prosecution of Binance executives sends a strong message that the EFCC is determined to curb distortions and disruptions in Nigeria’s foreign exchange market.

The EFCC is working on the extradition of the accused in partnership with various international agencies including Interpol, the FBI and the governments of the United Kingdom, Northern Ireland and Kenya.

In addition to the EFCC case, Binance and its executives also face tax evasion charges filed by Nigeria’s Federal Inland Revenue Service (FIRS). The tax evasion case is scheduled to be heard in court on Friday.

As the legal proceedings continue, the cryptocurrency community is awaiting further updates on the outcome of the Binance executive’s case and the impact they may have on the company’s operations in Nigeria and beyond.

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