Binance Exchange Executive slumped in the court

  • How Binance executive slumped in court

At the Federal High Court in Abuja, there was a small drama surrounding Tigran Gambaryan’s trial. Gambaryan is an executive of a cryptocurrency exchange company who is currently in custody. 

Before anything could get started in the courtroom, Gambaryan abruptly slumped

Later, he was forced to sit in the front row after being helped up. 

Gambaryan’s lawyer, Mark Mordi, gave an explanation of his client’s illness and the written application that was filed to notify the court of it. 

Read Also: The Nigerian government plans to clamp down P2P crypto trading

“My lord, the case may not certainly proceed today,” the lawyer added.

The Economic and Financial Crimes Commission (EFCC) is prosecuting Gambaryan for alleged foreign exchange (forex) violations and money laundering.

This case follows accusations by the federal government that Binance, through its Naira peer-to-peer (P2P) platform, manipulated the Nigerian currency.

The government claims Binance executives, including Gambaryan and the currently-fleeing Nadeem Anjarwalla, conspired to hide the source of funds exceeding $35m related to their alleged illegal activities in Nigeria.

These activities violate Section 21 (a) and are punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.

Mordi informed the court of his client’s deteriorating health since the last hearing.

He presented a letter detailing Gambaryan’s condition and requested an adjournment to allow for proper medical attention.

The EFCC prosecutor, Ekele Iheanacho, did not object to the request.

Justice Emeka Nwite consequently postponed the trial.

The Judge rescheduled cross-examination and further proceedings for June 20th and 21st

Credit: Daily Trust

The Nigerian government plans to clamp down P2P crypto trading

In just 30 days, the naira was declared the “best” performing currency in the world, but last week, the federal government pulled out all the stops, clamping down on cryptocurrency trading and “unregistered” Bureau de Change (BDC) operators, also known as Aboki, two organizations it had labeled as “killers” of the currency.

This occurred two days after the Securities and Exchange Commission’s (SEC) Director General, Dr. Emomotimi Agama, said in a virtual meeting with the Nigerian Blockchain Industry Coordinating Committee, the governing body of all major blockchain and cryptocurrency.  The government plans to install a new regulatory framework for cryptp exchanges

Ekene Njoku

I am a passionate blogger, graphics designer, web designer and information researcher. Also, a media marketer

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