Tigran Gambaryan, an executive from Binance who is currently being held in Nigeria, collapsed in the Federal High Court in Abuja during his trial for alleged foreign exchange violations and money laundering offenses. According to local media, Gambaryan’s lawyer, Mark Mordi, informed the court on May 22 that his client had been unwell since the previous trial date and was still experiencing health problems. Although Gambaryan failed to appear in court for separate tax evasion charges, he did make it to court for the money laundering charges.
During the court proceedings for the money laundering case, Gambaryan did not respond when his case was called and remained seated in the back row. Judge Emeka Nwite noticed his absence and asked for clarification. Gambaryan’s defense lawyer then helped him to the dock. However, Gambaryan suddenly collapsed and had to be assisted by his lawyer to a front-row seat. Mordi explained that his client had been unwell and had submitted a written application to inform the court of his condition.
Due to Gambaryan’s sudden collapse, Mordi requested an adjournment for his client’s medical treatment, emphasizing that proceeding with the case under such circumstances would be untenable. As a result, the court scheduled cross-examination and the trial for June 20 and 21.
Previously, the judge had denied Gambaryan’s request for bail on May 16, citing concerns from the Economic and Financial Crimes Commission (EFCC) that he could attempt to flee if released from the Kuje Correctional Centre, where he is currently being held.
In April 2024, Gambaryan was transferred to the Kuje Correctional Centre in Abuja after pleading not guilty to money laundering charges brought against him by the EFCC. In March, the Federal Inland Revenue Service (FIRS) filed tax evasion charges against Binance and its executives, including Gambaryan. These charges included failure to register with the FIRS, failure to pay company income tax, failure to pay value-added tax, and facilitating tax evasion.
The Nigerian government has accused Binance of influencing foreign exchange rates, leading to calls for stricter oversight of cryptocurrency trading platforms. Binance CEO Richard Teng recently issued a statement claiming that Nigerian officials had tried to force Binance representatives into a secret settlement paid in cryptocurrency during meetings in early 2024.
On March 5, Binance announced that it would no longer facilitate Nigerian naira transactions, effectively exiting the market. The platform also delisted all Nigeria naira trading pairs from its peer-to-peer trading platform in late February.