Binance Executive Gambaryan Slumps In Abuja Court (VIDEO)

Binance Executive Gambaryan has slumped in Abuja Court during EFCC’s “Forex Contravention” case.


NewsOnline Nigeria reports that the detained Binance executive, Tigran Gambaryan, slumped before the Federal High Court Abuja during a foreign exchange contravention and money laundering trial instituted against him by the Economic and Financial Crimes Commission (EFCC). 


His lawyer, Mark Mordi(SAN) informed the court that Gambaryan had not felt too well since the last date of trial. 

Recall that a director at the Security and Exchange Commission (SEC), Abdulkadir Abbas, had told the Federal High Court, Abuja, that the cryptocurrency exchange platform, Binance  Limited, used its Naira peer-to-peer (P2P) virtual feature to devalue the Nigerian currency.  


Abbas, who identified himself as Director, of Exchanges and Market Infrastructure (SEC), told Justice Emeka Nwite on Friday that the Naira P2P feature deployed by Binance as well as the number of people on the platform “adversely affected the official exchange rate.”  


The Nigerian government had accused Binance and its executives, Tygran Gambaryan and the fleeing Nadeem Anjarwalla, of allegedly conspiring amongst themselves to conceal the origin of the financial proceeds of their alleged unlawful activities in Nigeria, including $35,400, 000.  


The Nigerian authorities said they committed an offense contrary to Section 21 (a) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.  


The trial commenced last Friday after the judge declined Gambaryan’s bail request.  






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