A Nigerian court has reportedly adjourned the case of Binance executive Tigran Gambaryan to April 19. Gambaryan was detained in connection to naira manipulation and tax evasion offenses leveled on Binance by the federal government of Nigeria. According to the report on Bloomberg, the United States-based executive will remain in Nigeria’s custody until his next hearing.
Binance executive’s case moved to April 19
Nigerian authorities have decided that they will move forward with the case involving the crypto exchange and its two executives. Tigran Gambaryan and another company executive Nadeem Anjarwalla were sent to the country in response to claims that the exchange was involved in manipulating the naira. Shortly after they entered the country, both men were detained and had their passports seized.
In response to the development, Binance announced that it was seizing naira transactions and exiting the market for users from the country. The company sent emails to each of their users intimating to them of the update while urging them to convert the funds in their naira account before the scheduled date. Presently, Binance does not support the naira, although the exchange says it reserves the right to relist it at a future date.
Binance’s response and legal ramifications
According to reports, the company and its executives are facing charges bordering on tax evasion, and money laundering. However, the charges against the company have been adjourned to April 8. The charges also include Gambaryan and Nadeem Anjarwalla, who escaped custody on March 22. According to reports at the time, Anjarwalla was able to escape and board an exit flight from the country’s capital, Abuja.
Gambaryan’s wife has since launched a petition which has hit 1,826 signatures at the time of writing, to help bring her husband back home. In her petition, she mentioned how ironic it was to charge her husband with the same crimes that he had been fighting all his life. She noted that the authorities are making her husband a pawn in someone else’s game. Binance released a blog post stating that Gambaryan was not in a position of power at the company.
The exchange also said that the executive should not be held responsible for the actions of the company in Nigeria. However, Binance founder and former CEO Changpeng Zhao has been asked to remain in the United States after authorities charged him with a felony. The former executive pleaded guilty to the offense, agreeing to pay $4.3 billion as part of his settlement agreement. Zhao’s sentencing is expected to happen on April 30.
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