April 8, (THEWILL)- The Federal High Court, Abuja, has ordered the remand of one of the executives of a cryptocurrency firm, Binance, Tigran Gambaryan, in Kuje prison.
THEWILL reports that Gambaryan was charged with alleged complicity in money laundering before the Court by the Economic and Financial Crimes Commission (EFCC).
Earlier, the Federal Government through the Federal Inland Revenue Service (FIRS), had filed a five-count charge against Binance, two executives including Gambaryan and fleeing Nadeem Anjarwalla.
In the charge marked: FHC/ABJ/CR/115/2024, the Federal Government accused Binance of facilitated customer tax evasion, including non-payment of Value Added Tax (VAT); failure to file tax returns; non-payment of Company Income Tax (CIT) evasion and complicity in aiding customers to evade taxes through its platform among others.Â
Justice Emeka Nwite, had on Thursday, adjourned until Monday, the arraignment of Gambaryan (2nd Defendant), following delayed service of charge on the accused.
At the resumed hearing of court proceedings on Monday, Gambaryan pleaded not guilty to allegation of money laundering preferred against him by EFCC.
Gambaryan is the head of the crypto exchange’s financial crime compliance unit. His lawyer argued that his client should not be held responsible for Binance’s activities in the African nation because he does not have decision-making authority in the company’s business operations.
But Justice Nwite rejected Gambaryan’s argument and ruled that he has acted as Binance’s representative in past trips to Nigeria to train officials on detecting crypto fraud.
Gambaryan, a former special agent of the US Internal Revenue Service, has helped Nigerian officials recover $400,000 in crypto crime proceeds, according to Binance.
Nwite cited Binance’s own recent statements designating Gambaryan as a company agent. The judge dismissed Gambaryan’s defence as “neither here nor there”, according to proceedings monitored by THEWILL.Â
Trial Justice Emeka Nwite ordered that the defendant be remanded at the Kuje prison until April 18, when his bail application will be determined.
The court has also fixed May 2, for the commencement of hearing on the substantive charge against Gambaryan.
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