Binance Executive’s Case Brought Forward By A Month In Nigeria

Updated: 02 September 2024

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Nigerian authorities have rescheduled the trial of Binance high-ranking executive Tigran Gambaryan to Sept. 2, which is a month earlier than the initial schedule.

The Nigerian court made the decision after Gambaryan’s defense team requested to expedite the hearing, citing health issues.

Binance urges U.S. intervention as detained Nigerian executive's health worsens, hearing date moved up.

The more we speak out, the more likely the Nigerian federal government will address this issue.

Please support the Tigran family.

Support #Freetigran + RT @Binance family pic.twitter.com/OuAA0lASQV

— OMO 🔶 BNB (@Crypto_omo) August 27, 2024

Gambaryan was arrested on accusations of money laundering and financial crimes amounting to $34 million after being lured to Nigeria for a business meeting in February 2024.

Gambaryan was arrested together with fellow executive Nadeem Anjarwalla, who later managed to escape, leaving Gambaryan to face the charges alone.

Richard Teng Calls Out The Nigerian Government

Binance CEO Richard Teng criticized the Nigerian government for what he termed ‘unconstitutional’ treatment of Gambaryan. He further called for Gambaryan’s release on humanitarian grounds as the executive’s health was rapidly waning.

Kuje prison, located near the Nigerian capital of Abuja, houses nearly 1,000 inmates including 64 suspected to be involved in the Boko Haram extremist group.

Tigran Gambaryan, former US federal agent and crypto crime investigator, has been detained by the Nigerian government for 6 months in inhumane conditions that are causing his health to fail. Free Tigran! pic.twitter.com/0fmfvewYDH

— Jameson Lopp (@lopp) August 26, 2024

Despite his deteriorating health, the Nigerian government has denied Gambaryan the medical care he needs. According to his family, Gambaryan suffers from a herniated disk, which renders him virtually immobile. Yet, he is not allowed to use a wheelchair, further exacerbating his suffering.

Broader Crackdown On Crypto In Nigeria

Gambaryan’s woes reflect Nigeria’s broader stance on cryptocurrencies. The Nigerian government accused Binance of contributing to the decline of the Naira through its peer-to-peer services.

Despite Nigeria being among the largest oil producers in Africa, the economy has stagnated and the Naira dropped sharply. According to Bloomberg, the main reason the Nigerian fiat currency is falling could be the endemic corruption in the nation’s government.

The accusations of Binance disrupting the country’s economy has put the crypto exchange under intense scrutiny as well.

The hearing, which has been scheduled for Oct. 11, is a much anticipated event in the crypto space as it could have significant implications for Binance, the largest crypto exchange in the world.

Gambaryan’s family and supporters remain hopeful that the early trial will result in a quick resolution, allowing him to return home to better medical care.