Binance Exec Too Ill to Appear in Nigerian Court, Trial Postponed

A Nigerian court has postponed the trial of Binance executive Tigran Gambaryan, who is currently in detention in Nigeria.

One hearing was rescheduled after Gambaryan, an American citizen and head of financial crime compliance at Binance, failed to appear because he was ill. Gambaryan has been in jail since February and faces charges that he laundered over $35 million, accusations he and Binance have denied.

Binance Exec’s Trial Delayed Again Due to Health

Imprisoned executive Tigran Gambaryan was unable to attend a scheduled court Binance trial in Nigeria due to health issues, which resulted in the postponement.

Emeka Nwite of the Federal High Court Abuja fixed October 25 for the continuation of Tigran Gambaryan’s trial so that he could undergo medical treatment.

This is following the denial of his second bail application last week, citing that experts control his health condition in prison custody. Gambaryan had complained of deteriorating health and the need for surgery that could not happen in the prison.

Nigerian Court Adjourns Trial Of Detained Binance Executive, Gambaryan, Declared As ‘Very Sick’ By Prison Authorities pic.twitter.com/uemQTOncdx

— Aneke Tv (@AnekeTv) October 18, 2024

In response to the Binance trial development regarding Gambaryan, Binance has taken to social media to call for his release. According to reports, Binance CEO Richard Teng said Nigerian officials asked the company to make a “secret” payment to solve the issues at play.

Nigerian officials have denied the claims, which they say are attempts to divert attention away from Binance’s operations.

The latest events have raised concerns regarding Binance’s everlasting fight with the SEC. Recently,  Judge Amy Berman Jackson approved the US SEC’s request to amend the original complaint in response to the use of “crypto asset securities” in the lawsuit.

Expansion Marred by Executive’s Plight in Nigerian Prison

As part of related developments, Binance expanded its African offerings by allowing users in Benin, Cameroon, Ivory Coast, the Democratic Republic of Congo, Togo, and Senegal to buy cryptocurrency with mobile money through local partnerships. This represents an aggressive development on Binance’s side to increase its foothold on the continent despite a not-too-friendly regulatory environment.

However, it now has one severe problem concerning its operations in Nigeria. In August, Yuki Gambaryan, the wife of detained Binance executive Tigran Gambaryan, reported a sharp aggravation in the health condition of her husband during his time in detention, possibly leading to permanent damage and loss of mobility. She has been using her voice ever since in hopes of his release.

Apart from the pending legal cases, there is one more Binance trial. The company is facing separate alleged charges of tax evasion, which the company categorically denies. In Nigeria, where the government is clamping down on crypto exchanges reputedly linked to the black market for foreign currency, Binance has shut off transactions in naira.

Still, a lot of people in Africa are Binance users. That made Scroll co-founder Ye Zhang partner the exchange despite severe criticism.

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