"Nigeria court sends Binance executive to prison ahead of trial in May"

" Nigeria court sends Binance executive to prison ahead of trial in May \r\n\r\nA Binance Holdings Ltd. executive detained for more than 40 days in Nigeria after being invited by the government and then charged with tax evasion and fraud has been sent to prison ahead of trial in May.\r\n\r\nA court ordered Tigran Gambaryan, head of financial compliance at Binance, to be remanded at the Kuje correctional center in the capital Abuja on Monday, despite his counsel pleading that he remain in the custody of the anti-graft commission.\r\n\r\nGambaryan was charged alongside Binance, the world\u2019s largest cryptocurrency exchange, and in his first appearance in court on April 4, argued that he could not be served the company\u2019s charges as he was not authorized by his employer to receive it.\r\n\r\nOn Monday, Justice Emeka Nwite ruled that Gambaryan had earlier admitted to visiting Nigeria as a representative of Binance which \u201cclearly shows his involvement\u201d with the company within Nigeria, and so could be served in lieu of his employer.\r\n\r\nHe was charged with tax evasion, currency speculation and money laundering of $34 million by the Economic and Financial Crimes Commission. He pleaded not guilty.\r\n\r\n\u201cWe are deeply disappointed that Tigran Gambaryan, who has no decision-making power in the company, continues to be detained,\u201d a Binance spokesperson said in an emailed statement, calling for his release. \u201cThese charges against him are merit-less. It\u2019s outrageous that he would be remanded in a prison such as Kuje Correctional Facility.\u201d\r\n\r\nJustice Nwite fixed April 18 for hearing on Gambaryan\u2019s bail application and May 5 for trial.\r\n\r\nAnother Binance executive \u2014 Nadeem Anjarwalla \u2014 who was detained at the same time as Gambaryan, and has UK and Kenyan citizenship, fled the West African country last month. The two men had traveled to Nigeria late February at the invitation of the authorities to meet officials after the government blocked access to cryptocurrency channels amid a clampdown on currency speculation.\r\n\r\nMany residents of Africa\u2019s most-populous nation have flocked to cryptoassets amid a plunge in the value of the naira. That prompted a state crackdown on platforms offering digital tokens."

"Nigeria court sends Binance executive to prison ahead of trial in May"

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