Binance Executives' Money Laundering Trial Advanced to September 2 in Nigeria  Amid Controversy

A Nigerian court is set to hear the high-profile money laundering case involving Binance and two of its executives, Nadeem Anjarwalla and Tigran Gambaryan, next week. This decision comes after a request from the defense to advance the hearing date amid mounting controversy, according to a recent report from Reuters.

Originally scheduled for October 11, the hearing will now take place on September 2. The defense’s push for an earlier hearing reveals the ongoing tensions and legal battles surrounding this case. 

Binance, alongside its executives, faces serious allegations related to money laundering following a series of regulatory issues in Nigeria.

Legal Adjustments and Health Concerns

In July, the Federal Inland Revenue Service (FIRS) dropped tax charges against the Binance executives. These charges were revised so that only Binance, through its local representative, is now named in the case. This change means that Gambaryan, who has been ill, will not need to appear in court for the FIRS case. 

However, the Economic and Financial Crimes Commission (EFCC) continues to pursue money laundering charges against him and Anjarwalla.

Gambaryan’s prolonged detention has raised serious health concerns. His family reports that he has been suffering from severe medical issues, including untreated herniated discs and spinal injuries. 

They claim that the Nigerian prison authorities have been neglecting his medical needs, further complicating his condition. Gambaryan is reportedly unable to walk and has been denied necessary medical treatment and a wheelchair. 

His family also alleges that his legal team was barred from visiting him for nearly three weeks, which they argue violates Nigerian law.

Binance's Defense and Ongoing Legal Struggles

Binance has urged Nigerian authorities to release him, stressing that his involvement in the case is not representative of the company’s leadership or operational practices.

The legal troubles for Binance and its executives began in February when Gambaryan and Anjarwalla were detained. Anjarwalla managed to escape shortly after their detention, but later caught in Kenya. 

Now, Binance faces significant scrutiny as Nigerian authorities continue their investigation into the exchange’s operations.

Nigerian Securities and Exchange Commission's Plans

Amid these legal battles, Nigeria’s Securities and Exchange Commission (SEC) is moving forward with plans to regulate the cryptocurrency industry. SEC Director-General Emomotimi Agama recently hinted at upcoming regulatory changes. 

Agama stated that the SEC aims to issue licenses to cryptocurrency exchanges, signaling a shift towards more structured oversight in the crypto sector.