Binance Executive Tigran Gambaryan, Arrested, Faints During Money Laundering Trial in Nigeria

Binance Executive Tigran Gambaryan Collapses During Money Laundering Trial in Nigeria


By Hassan Shittu
Updated on May 23, 2024, at 18:09 EDT
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Read Time: 2 mins


In a stunning turn of events, Tigran Gambaryan, an executive of cryptocurrency exchange Binance who is currently detained, collapsed in court on May 23 during his money laundering trial in Nigeria, as reported by Vanguard.
The incident took place at the Federal High Court in Abuja shortly after the case was called for continuation in front of Justice Emeka Nwite.
Gambaryan, a U.S. citizen, and Nadeem Anjarwalla, a British-Kenyan national, are facing charges of laundering over $35 million and engaging in specialized financial activities without a license. Both executives have pleaded not guilty.
Executive from Binance Faints During Trial
The courtroom drama unfolded when Gambaryan, who serves as Binance’s head of financial crimes compliance, did not immediately step forward to the dock when the case was called. He was seated in the back row and had to be assisted by his lawyer to reach the dock, but collapsed on the way and was seated in the front row.
Gambaryan’s lawyer informed the court about his client’s worsening health and submitted a written application notifying the court of his condition.
“Your honor, the case cannot proceed today,” Mordi stated, explaining that Gambaryan was unwell and in need of medical attention.
According to reports, Gambaryan’s health issues have been deteriorating since February. A letter presented to Judge Emeka Nwite highlighted that Gambaryan had experienced a breakdown and received intravenous treatment for malaria the previous day. As a result, he was also absent from a tax evasion trial that took place a day earlier.
Judge Nwite ruled that Gambaryan should receive treatment at a hospital recommended by his lawyer or another hospital designated by prison authorities. The trial has been adjourned to June 20 and 21 to allow for Gambaryan’s medical treatment.
The case has garnered significant attention, particularly due to Nigeria’s ongoing economic challenges. The country has accused Binance of contributing to its currency woes, as Binance and other cryptocurrency platforms have become known for trading the Nigerian naira amidst a severe shortage of dollars and a plummeting currency.
Throughout the proceedings, Gambaryan appeared visibly weak, leaning on the armrest of his seat.
Tax Evasion Charges Against Binance
The Federal Inland Revenue Service (FIRS) has filed tax evasion charges against Binance Holdings Limited and Gambaryan. However, due to Gambaryan’s absence, the trial could not proceed on Wednesday and has now been rescheduled for June 14.
Gambaryan, who is reportedly being held at Kuje Prison, did not appear for his scheduled arraignment, causing confusion among the lawyers. Justice Emeka Nwite, who presides over the case, had previously denied Gambaryan’s bail application due to new money laundering charges filed by the EFCC and considered him a flight risk. The prosecution and defense argued over the failure to ensure Gambaryan’s presence, leading to the adjournment.
Gambaryan’s absence during the arraignment session highlighted procedural issues, as his lawyer argued that the prosecution should have ensured his presence given his federal custody status.
Anjarwalla, who escaped custody in March, is still involved in the case but has not been officially marked as “at large,” which could complicate proceedings since Nigerian law requires all parties to be served for the case to move forward.
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