Tigran Gambaryan, a Binance executive 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, his lawyer, Mark Mordi, informed the court on May 22 that Gambaryan had been unwell since the previous trial date and was still experiencing health problems. Gambaryan had previously failed to appear in court on the same day for tax evasion charges but was present for the money laundering charges.
During the court proceedings for the money laundering charges, 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 assisted him to the dock. However, Gambaryan suddenly collapsed and needed help from his lawyer to be seated in a front-row seat. Mordi explained that his client had been unwell and that a written application had been submitted 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 it would be untenable to proceed with the case under such circumstances. The court subsequently set June 20 and 21 for cross-examination and the trial.
Earlier, on May 16, the judge had denied Gambaryan’s request for bail, citing concerns from the EFCC that he might flee if released from the Kuje Correctional Centre where he is currently detained.
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 Nigerian Federal Inland Revenue Service filed tax evasion charges against Binance and its executives, including Gambaryan. The 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 the call for stricter oversight of crypto trading platforms. Binance CEO Richard Teng recently issued a statement alleging that Nigerian officials had tried to coerce Binance representatives into a secret settlement paid in cryptocurrency during meetings in early 2024.
On March 5, Binance announced that it would cease all Nigerian naira transactions, effectively exiting the market. The platform also delisted all Nigeria naira trading pairs on its peer-to-peer trading platform in late February.