In a legal saga that has captured international attention, a Nigerian court has postponed the money laundering trial against cryptocurrency exchange Binance and two of its executives until May 17. The decision came after a lawyer representing the stock exchange informed the court that he had not been served. With the basic documents necessary to prepare for the case.
Legal proceedings have been postponed
Binance, along with its CEOs Tigran Gambaryan and Nadeem Anjarwalla, find themselves embroiled in legal proceedings alleging money laundering exceeding $35 million and engaging in specialized financial activities without the required license. Gambarian, a US citizen and head of financial crimes compliance, and Angarwala, a Briton of Kenyan origin who serves as regional director for Africa, face charges in this high-stakes trial.
During Thursday's court hearing, Binance's legal representative raised concerns about not receiving additional evidence of crucial evidence to prepare a defence. The lawyer stressed the necessity of these documents to start the trial appropriately. However, he was immediately handed the more than 300-page document while in court.
Nigerian court postpones trial of Binance and CEO to May 17 https://t.co/OPE4vXonkt pic.twitter.com/3WWzWeAB0E
– Reuters Africa (@ReutersAfrica) May 2, 2024
Judge postpones Binance trial to review evidence
In response to the developments, the presiding judge chose to adjourn the proceedings to allow Binance's legal team sufficient time to scrutinize the evidence presented before the trial resumes on May 17.
In addition to the ongoing money laundering case brought by Nigeria's anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), Binance and its executives face another legal hurdle. They are also charged with four counts of tax evasion, with a separate trial scheduled to resume at the same time on May 17.
This article was written by Tariq Sikdar at www.financemagnates.com.
