Take a fresh look at your lifestyle.

Court remands Binance executive in Kuje prison

149

Get real time updates directly on you device, subscribe now.

A Federal High Court sitting in Abuja and presided over by Justice Emeka Nwite has remanded Binance executive, Mr Tigran Gambaryan to Kuje Correctional Centre pending the outcome of his bail application.

Justice Nwite ordered for Gambaryan’s remand after he pleaded not guilty to the money laundering allegation preferred against him by the Economic and Financial Crimes Commission (EFCC).

The judge then adjourned till April 18, 2024, for the determination of his bail application and scheduled the trial to begin on May 2.

Recall that the anti-graft agency had arraigned Binance Holdings Limited, a cryptocurrency firm, and Tigran Gambaryan, the company’s head of financial crime compliance on a five-count charge bordering on money laundering.

In the charge filed on March 28 by the anti-graft agency, the company executives are being accused of money laundering to the tune of $35,400,000.

The commission alleged in one of the counts that, the defendants, between January 2023 and January 2024 in Abuja, carried out a specialised business of other financial institutions without valid licence.

The offence is said to be contrary to Section 57(1) and (2) of the Banks and Other Financial, Institutions Act, 2020 and punishable under Section 57(5) of the same Act.

 

Get real time updates directly on you device, subscribe now.