Written by: Oyoke Chukwuemeka
Binance Holdings Ltd exposed corrupted Nigerian authorities after the authorities demanded over N207 billion in bribes to make the money laundering trial initiated against two of its executives disappear.
The global cryptocurrency trading platform, Binance, is facing legal troubles as Tigran Gambaryan, a U.S. citizen and head of financial crime, and Nadeem Anjarwalla, a British Kenyan, are on trial for laundering more than $35 million.
The lawsuit was filed by Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC).
“This incident marks the latest legal challenge for Binance,” said a spokesperson. The founder, Changpeng Zhao, was ordered on May 1 to spend four months in prison in the US for allowing cybercriminals and terrorist groups to trade freely on its platform. Binance also agreed to pay $4.3 billion to resolve US allegations.
In Nigeria, the confrontation led to the arrest of two staff members after they returned in late February for further discussions. One of them fled, but Tigran Gambaryan has been jailed at the Kuje Correctional Centre in Abuja and will go on trial this month for charges of tax evasion, currency speculation, and money laundering.
Teng, a representative, said Gambaryan and his colleague Nadeem Anjarwalla were promised safe passage but were detained instead.
“To invite a company’s mid-level employees for collaborative policy meetings, only to detain them, has set a dangerous new precedent.”
