A Nigerian court has determined that Tigran Gambaryan, Binance’s chief financial compliance officer, can be tried as a representative of the cryptocurrency exchange in a case involving allegations of tax evasion and money laundering.
According to Reuters, the court’s decision permits the U.S. citizen to stand trial on behalf of Binance, the world’s largest cryptocurrency exchange by trading volume. Gambaryan was detained by Nigerian authorities in April and faces charges including money laundering, tax evasion, operating without a license, and unlawfully negotiating foreign exchange rates. He has pleaded not guilty to all charges.
Despite his role, Binance asserts that Gambaryan does not possess the authority to make executive decisions for the company. A Binance spokesperson expressed the company’s discontent with his detention, stating, “We are deeply disappointed that Tigran Gambaryan, who has no decision-making power in the company, continues to be detained. These charges against him are completely meritless. He should be freed while discussions continue between Binance and Nigerian government officials.”
The company’s chief executive, Richard Teng, has also called for Gambaryan’s release, emphasizing Binance’s willingness to cooperate with Nigerian authorities to address the alleged tax issues. “Let Tigran go home to his family, and then Binance will work through the same process that we have done with Nigeria’s law enforcement community voluntarily more than 600 times in the past. We will always work to protect innocent users, and bad actors are not welcome on our platform,” Teng stated earlier this month.
The case highlights ongoing tensions between cryptocurrency platforms and regulatory bodies worldwide, as authorities increase scrutiny on digital asset transactions and compliance practices.
