Alleged Money Laundering: Court Remands Binance Agent as EFCC Begins Trial 

The Federal High Court sitting in Abuja, on Monday, has remanded Tigran Gambaryan, a representative of Binance Ltd at the Nigerian Correctional Service pending the determination of his bail application.

The court also overruled the argument of Tigran Gambaryan who claimed he was not an agent of Binance Ltd.

Justice Emeka Nwite earlier, in the proceedings on Monday, ordered him to take his plea immediately, for himself and on behalf of Binance whom he represents in Nigeria, prior to commencement of trial

The Economic and Financial Crimes Commission (EFCC) had planned arraigning Binance Ltd, Tigran Gambaryan and Nadeem Anjarwalla before the Federal High Court, Abuja in its suit marked FHC/ABJ/CR/138/2024, last week.

Planned arraignment last Thursday was stalled following a strong objection from Gambaryan’s legal team which insisted that he is not an agent of Binance.

They were scheduled by the court to take their plea in separate suits filed by the Federal Inland Revenue Service (FIRS) and the EFC

The EFCC accused the defendants of money laundering and foreign exchange contravention to the tune of $35,400, 000.

In the charge sheet seen by Nairametrics, the EFCC alleged they concealed the origin of a cumulative sum of $35,400, 000 generated as revenue by BINANCE in Nigeria knowing that the funds constituted proceeds of unlawful activity