A court situated in Abuja, the capital city of Nigeria, has elected to postpone the ongoing money laundering trial concerning cryptocurrency exchange Binance and two of its executives until May 17. The postponement transpired on Thursday subsequent to statements from Chukwuka Ikuazom, legal counsel representing the exchange, who articulated a lack of receipt of essential documentation requisite for case preparation.
Binance, alongside its executives Tigran Gambaryan, a U.S. citizen, and British-Kenyan Nadeem Anjarwalla, faces accusations of laundering in excess of $35.4 million and engaging in specialized financial activities without proper licensing. Concurrently, apart from the aforementioned money laundering case pursued by Nigeria’s Economic and Financial Crimes Commission (EFCC), Binance confronts four charges of tax evasion in a distinct trial set to recommence on May 17. The executives in question have collectively entered pleas of not guilty.
Nigeria boasts the largest cryptocurrency economy across Africa, measured by trade volume, with a considerable portion of its populace utilizing cryptocurrencies as a means to safeguard their finances amidst escalating inflation and the depreciation of the domestic currency. Notwithstanding, regulatory authorities have raised allegations suggesting exploitation of the platform for money laundering and terrorism financing.
Following the arrest of Gambaryan and Anjarwalla on February 26, their trial has been embroiled in controversy, accentuated by their allegations of unlawful detention and seizure of travel documents by authorities. Moreover, local media sources have reported on the Nigerian government’s purported request for disclosure of identities of citizens engaged in trading activities on the platform.
This latest adjournment marks the second instance wherein the Abuja court has deferred the formal initiation of the money laundering trial.
