In a surprising incident, Tigran Gambaryan, a senior executive at Binance, the world’s largest cryptocurrency exchange, collapsed during a court session at the Federal High Court in Abuja, Nigeria.
Gambaryan, who faces money laundering charges, experienced a health episode during a complex legal battle with Nigerian authorities.
Binance executive trial takes unexpected turn
As Judge Emeka Nwite was about to resume the case, Gambaryan failed to respond to the court clerk's call to the dock. A member of the defense team, who was sitting next to Gambaryan, helped him to get up and go to the dock. But as they were moving, Gambaryan suddenly fell down and the lawyer helped him back to the front seat.
Gambaryan's lawyer, Mark Mordi, told the court his client was "feeling unwell" and had submitted a written request to inform the court of his health. Mordi further stated that due to Gambaryan's current health issues, the trial could not proceed that day.
On May 16, Justice Nwite rejected Gambaryan’s bail application on the grounds that the accused might flee. As a result, Gambaryan has been detained at the Kuje Correctional Centre.
The trial has been rescheduled to June
Binance’s ongoing legal issues in Nigeria are part of a wider government crackdown on cryptocurrency platforms.
The Nigerian government has filed a series of charges against Binance, claiming that the cryptocurrency trading platform has facilitated more than $26 billion in illicit capital flows in the absence of necessary regulation. The Central Bank of Nigeria (CBN) has further accused Binance of tax evasion, currency speculation, and money laundering involving $35.4 million.
Nadeem Anjarwalla, Binance’s former regional manager for Africa, was also indicted along with Gambaryan. However, in March, Anjarwalla managed to escape from the custody of Nigeria’s national security adviser. He was later found in Kenya, where local authorities reportedly arrested him.
In this legal battle, Justice Nwite ruled that Gambaryan should be treated at a hospital recommended by his lawyer or advised by prison authorities. The trial is now scheduled to continue on June 20 and 21.
The exchange’s native token, Binance Coin (BNB), is trading at $594 and has fallen 4% over the past 24 hours. This price decline is in line with the overall cryptocurrency market, especially the pullback experienced by market leaders Bitcoin (BTC) and Ethereum (ETH).
BNB, the fourth-largest cryptocurrency by market value, reached a two-month high of $631 on Tuesday. However, it failed to attempt to retest its yearly high of $631 reached on March 16, as well as its all-time high of $691 recorded during the 2021 bull run phase.
Conclusion:
Binance's legal troubles in Nigeria, as well as the wide-ranging allegations against the exchange's operations, point to regulatory uncertainty and compliance issues that need to be addressed in the cryptocurrency space. With the trial postponed and Binance executives facing health issues, the outside world remains highly concerned about the future development of the cryptocurrency industry and the improvement of the regulatory framework.
At the same time, the cryptocurrency market is influenced by a variety of factors, including market sentiment, regulatory developments, and internal industry events. Despite the challenges, the cryptocurrency industry continues to evolve and seeks to work with global regulators to achieve broader legitimacy and market acceptance. #币安高管 #法律纠纷 #尼日利亚
