On May 23, 2018, we published revised versions of our Privacy Policy and User Agreements. Please read these updated terms and take some time to understand them. Your use of our services is subject to these revised terms.
Yes, I Agree.

Binance Official Pleads Not Guilty to Money Laundering Charges in Nigeria

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.

About CryptoCurrencyWire

CryptoCurrencyWire (“CCW”) is a specialized communications platform with a focus on blockchain and the cryptocurrency sector. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, CCW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CCW brings its clients unparalleled recognition and brand awareness. CCW is where breaking news, insightful content and actionable information converge.

To receive SMS alerts from CryptoCurrencyWire, text “CRYPTO” to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit https://www.CryptoCurrencyWire.com

Please see full terms of use and disclaimers on the CryptoCurrencyWire website applicable to all content provided by CCW, wherever published or re-published: https://www.CryptoCurrencyWire.com/Disclaimer

New York, NY
212.994.9818 Office

CryptoCurrencyWire is powered by IBN


Select A Month

Official NewsWire Relationships

Anarchapulco Main Event Blockchain Africa Conference Blockchain Futurist Conference Blockchain Life Conference Blockchain Shift Coingenius Coinvention CryptoBlockCon CryptoFest European Blockchain Convention EVOLV - evolve.events Finovate nftexpoverse Paris Blockchain Week The North American Bitcoin Conference Virtual Blockchain Week The Voice of Blockchain World Crypto Conference

CryptoCurrencyWire Currently Accepts



Bitcoin Cash

Bitcoin Cash

Doge Coin






USD Coin

USD Coin

Contact us: 212.994.9818