Binance executive Tigran Gambaryan’s legal trial in Nigeria has been rescheduled to September 2, with the crypto industry closely watching.
The legal prosecution of Tigran Gambaryan, a former United States federal agent and Binance executive, in Nigeria has been rescheduled for September 2, as the crypto industry eagerly anticipates the outcome.
Gambaryan’s most recent court appearance is scheduled to commence later today. In February 2024, the Binance executive was apprehended in Nigeria on suspicion of money laundering.
According to an announcement made by Binance CEO Richard Teng on August 27, the executive has not yet had access to his legal team, which is a concerning development for the hearing’s outcome.
“Furthermore, the authorities are refusing to provide him access to his legal counsel, despite his trial commencing on September 2, which, we have been informed, is unconstitutional in Nigeria.”
Gambaryan was apprehended on suspicion of financial offenses totaling $34 million that pertain to Binance’s operations in Nigeria. At the conclusion of August, the industry’s demands for his release intensified following his six-month imprisonment in the African nation.
Tigran Gambaryan Denied Access to essential Healthcare in Nigerian Custody
Gambaryan’s health is reportedly deteriorating at a rapid pace, necessitating his prompt release.
The family of the Binance executive has expressed apprehension regarding Gambaryan’s deteriorating health conditions, which are the result of extended medical negligence, according to a joint statement.
“He is no longer able to walk from the pain of his untreated herniated disc or spinal injury. The prison is also refusing to provide him with a wheelchair.”
Richard Teng, the CEO of Binance exchange, has also advocated for his release due to his deteriorating health. The CEO composed the following:
“I appeal once again for the Nigerian government to allow him to go home to his family on humanitarian grounds so that he can seek the appropriate medical treatment in the US.”
The Nigerian government is attributing the decline of its fiat currency, the naira, to the world’s largest exchange, despite the fact that the complete scope of allegations against the executive is lengthy and intricate.
According to Teng’s announcement, the Nigerian government asserted that Binance was responsible for the naira’s price decline in June 2023. He composed the following:
“We had been offering P2P services as a value-added service for our users wishing to get exposure to crypto during that time. The end of the Naira’s currency peg by the government in June 2023 caused the biggest fall in Naira’s history according to experts.”
The naira experienced a more than 50% decline in 2024, reaching a nadir of $1 to 1,660 nairas on July 31.
Despite the exchange’s decision to discontinue peer-to-peer services in Nigeria in February 2024, Binance observed that the fiat currency’s “downward trend” persisted.
