Appeal Delay Slows Down Binance Executive’s Legal Battle in Nigeria

Binance executive Tigran Gambaryan continues to face a legal battle with Nigeria’s Economic and Financial Crimes Commission (EFCC), with his bail application hearing being postponed once again.

The Federal High Court in Abuja adjourned the case after the EFCC’s lawyer requested more time to respond to new issues raised by Gambaryan’s defense team.

Gambaryan’s Appeal Postponed

According to a report by Nairametrics, Justice Emeka Nwite, the presiding judge, agreed to postpone the proceedings at the request of the EFCC’s lawyer, E. Iheanacho.

During the court session, Iheanacho stated that he needed more time to address the new points brought up by Gambaryan’s defense team, citing a new affidavit from the defense. He emphasized the importance of a fair hearing, saying, “Our right to a fair hearing should not be denied because justice rushed is justice denied.”

This delay adds to the legal issues faced by the Binance executive, who has been in custody since pleading not guilty to money laundering charges. The EFCC alleged that he helped the cryptocurrency exchange hide $35.4 million in revenue from unlawful activities in Nigeria.

Meanwhile, Gambaryan’s lawyer, Mark Mordi, argued for his client’s release, highlighting the lack of response from the prosecution to the new affidavit submitted on April 16. The judge agreed to postpone the hearing to allow the prosecution to respond adequately, with the next court date scheduled for April 22.

Binance’s Troubles in Nigeria Intensify

Cryptocurrency platforms like Binance gained popularity for trading the Nigerian naira currency amid the country’s challenges with dollar shortages. However, Nigerian authorities accused Binance of worsening its currency difficulties, an accusation the exchange denied.

Following this, the EFCC launched an investigation and brought charges against Binance Holdings Limited, Gambaryan, and another company executive, Nadeem Anjarwalla.

In response to the government’s crackdown on suspected money laundering activities, Binance halted all naira transactions in Nigeria, withdrawing from the market.

Meanwhile, Anjarwalla, who was being sought by authorities, was located in Kenya after fleeing Nigeria. Nigerian authorities are working with Interpol and Kenyan officials to extradite him back to Nigeria to face charges related to alleged currency manipulation and illicit fund transactions.


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