Tigran Gambaryan, a Binance executive who was arrested by Nigerian police in February along with a colleague, entered a not guilty plea to allegations of money laundering in a high court on Monday, according to local media.Reports state that Gambaryan was placed under remand pending his trial, and that he may seek bail up until April 18.In February, Nigeria’s government accused Binance of helping process illicit funds worth billions of dollars and of manipulating the exchange rate for the Nigerian naira. The head of Binance’s financial crime compliance was also detained in the nation, along with another executive at the company, Nadeem Anjarwalla.
Following Anjarwalla’s escape from detention in March, the two executives sued the Nigerian government, claiming that it had violated their human rights.
Binance, Gambaryan, and Anjarwalla are being charged with tax evasion by Nigeria’s Federal Inland Revenue Service (FIRS) and money laundering by the Economic and Financial Crimes Commission (EFCC).
According to sources, a Nigerian judge rejected Binance’s contention last week that Gambaryan shouldn’t be held accountable for the business because he lacks decision-making authority, allowing the lawsuit to proceed.
According to reports, Justice Emeka Nwite contended that Gambaryan and Anjarwalla could pass for the company since they had previously communicated with national authorities about the operations of the cryptocurrency exchange.
Anjarwalla, Binance, and Gambaryan allegedly used the cryptocurrency exchange to “unlawfully negotiate foreign exchange rates in Nigeria and you thereby committed an offense contrary to and punishable under section 29(1) (C) of the Foreign Exchange (Monitoring And Miscellaneous Provisions) Act.” Gambaryan reportedly entered a not guilty plea to five counts, one of which claimed his involvement.