Binance Official Tigran Gambaryan Sentenced to Prison for Money Laundering

The Federal High Court in Abuja has ruled for the remand of Tigran Gambaryan, a high-ranking official of Binance Holdings Limited, to Kuje prison. The decision came after Gambaryan pleaded not guilty to a five-count money laundering charge alongside two others.

The Economic and Financial Crimes Commission (EFCC) filed the charge against Gambaryan and another Binance official, Nadeem Anjarwalla, who is currently at large. Gambaryan’s plea for bail was deferred until April 18, with the trial set to commence on May 2.

The prosecution alleges that Gambaryan and his accomplices were involved in concealing the origin of $35,400,000 in revenue generated by Binance in Nigeria, which they claim constitutes proceeds of unlawful activity.

Gambaryan’s defense lawyer argued against the propriety of his client’s arraignment, contending that Gambaryan did not qualify as Binance’s agent in Nigeria. However, Justice Emeka Nwite overruled this objection, stating that Gambaryan was indeed representing Binance in Nigeria and could therefore be served with legal documents on behalf of the company.

The charges include accusations of using Binance’s virtual asset services platform to unlawfully negotiate foreign exchange rates in Nigeria, as well as conspiring to conceal the origin of proceeds from unlawful activities.