A Binance executive has entered a plea of innocence regarding allegations of money laundering in a Nigerian court. Tigran Gambaryan, a United States citizen, was apprehended in February alongside his coworker Nadeem Anjarwalla, who holds dual British-Kenyan nationality. Anjarwalla escaped custody two weeks ago, and his current location remains unknown.
Gambaryan, during his court appearance on April 8, 2024, refuted the five charges of money laundering brought forth by Nigeria’s Economic and Financial Crimes Commission (EFCC). Subsequently, he was transferred to the Kuje Correctional Center in Abuja, Nigeria’s capital. The correctional center has previously housed a spectrum of detainees, from militants to politicians. Gambaryan and Anjarwalla had previously been confined in an undisclosed location.
Following the proceedings, Yuki, Gambaryan’s wife, expressed deep dismay, lamenting her husband’s detention in a facility known for detaining “murderers and terrorists.” She condemned the treatment of her husband, whom she asserts is entirely innocent.
A spokesperson for Binance dismissed the allegations against Gambaryan as groundless, noting his lack of decision-making authority within the company. The spokesperson expressed disappointment over Gambaryan’s continued detention.
The EFCC accused Binance along with Gambaryan and Anjarwalla of money laundering of $35.4 million. Gambaryan, Binance’s head of financial crime compliance, and Anjarwalla, serving as its regional manager in Africa, were detained upon their arrival in Nigeria for discussions regarding the exchange’s activities in the country. Subsequently, Binance was ordered to pay a hefty fine of $10 billion for alleged currency manipulation and speculation, which purportedly contributed to the devaluation of Nigeria’s currency, the naira.
The depreciation of the naira, coupled with escalating living costs and food inflation, has precipitated an economic crisis in the country.
Binance is not an isolated case. Nigerian regulators have intensified their scrutiny of crypto platforms, suspecting their involvement in terrorism financing and money laundering.
In addition to money laundering allegations, Binance, Gambaryan and Anjarwalla face tax-evasion charges comprising four counts, leveled by the Federal Inland Revenue Service (FIRS). Following Anjarwalla’s escape from the country, Nigerian authorities stated that he absconded using a fake passport. However, a source close to his family said that he exited the country “through legal channels.”
The authorities stated that they were collaborating with Interpol to secure an international arrest warrant for Anjarwalla. However, as of the latest update, Anjarwalla is not listed on Interpol’s red notice for globally wanted fugitives.
The arrest of these two officials during their trip to Nigeria is likely to be of concern to other crypto industry players such as Stronghold Digital Mining Inc. (NASDAQ: SDIG) because it raises risks for traveling executives who are conducting legitimate company business.
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