Detained Crypto Executive Can Face Trial as a Binance Representative, Says Nigerian Court: Report

A Nigerian court is reportedly ruling that a detained Binance executive can face trial as a representative of the crypto exchange platform.

According to a new report by Reuters, a Nigerian court ruled that U.S. citizen Tigran Gambaryan – Binance’s chief financial compliance officer – can stand trial on behalf of the world’s largest crypto exchange by volume in the ongoing tax evasion and money laundering case against it.

However, according to Binance, Gambaryan does not wield the power to make choices for the firm. As stated by a Binance spokesperson to Reuters,

“We are deeply disappointed that Tigran Gambaryan, who has no decision-making power in the company, continues to be detained. These charges against him are completely meritless. He should be freed while discussions continue between Binance and Nigerian government officials.”

Gambaryan is being held responsible by the judge due to his position as Binance’s compliance officer, according to the report.

Gambaryan was first detained by Nigerian authorities in April and was charged with money laundering and tax evasion.

Almost a week later, Gambaryan was arraigned on five counts and pleaded not guilty. His charges included operating without a license, tax evasion, unlawfully negotiating foreign exchange rates, and obfuscating the origins of funds.

Earlier this month, Binance chief executive Richard Teng demanded that Nigeria release Gamabaryan and said that the company would work with Nigeria to resolve the tax issues.

“Let Tigran go home to his family, and then Binance will work through the same process that we have done with Nigeria’s law enforcement community voluntarily more than 600 times in the past. We will always work to protect innocent users, and bad actors are not welcome on our platform.”

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/pixelparticle/WhiteBarbie

The post Detained Crypto Executive Can Face Trial as a Binance Representative, Says Nigerian Court: Report appeared first on The Daily Hodl.