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| Binance Executive Collapses in Court |
The Economic and Financial Crimes Commission (EFCC) is prosecuting Gambaryan for alleged foreign exchange (forex) violations and money laundering. The federal government accuses Binance, through its Naira peer-to-peer (P2P) platform, of manipulating the Nigerian currency.
During the ongoing trial of Tigran Gambaryan, a detained executive of the cryptocurrency exchange platform Binance, a mild drama unfolded at the Federal High Court in Abuja.
Gambaryan suddenly slumped in the courtroom just before the proceedings were set to begin. He was promptly assisted and seated in the front row.
Mark Mordi, Gambaryan's attorney and a Senior Advocate of Nigeria (SAN), explained that his client had been unwell. Mordi had previously submitted a written application to inform the court of Gambaryan's condition, emphasizing that he had been indisposed since the last trial date.
"My lord," Mordi addressed the court, "the case may not proceed today."
The Economic and Financial Crimes Commission (EFCC) is prosecuting Gambaryan for alleged foreign exchange (forex) violations and money laundering. The federal government accuses Binance, through its Naira peer-to-peer (P2P) platform, of manipulating the Nigerian currency.
According to the government's claims, Binance executives, including Gambaryan and the currently-fleeing Nadeem Anjarwalla, conspired to conceal the source of funds exceeding $35 million related to their alleged illegal activities in Nigeria. These actions violate Section 21(a) and are punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Mordi informed the court about 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.
As a result, Justice Emeka Nwite postponed the trial, rescheduling cross-examination and further proceedings for June 20th and 21st.
