Binance Money Laundering Trial Postponed in Nigeria over Missing Medical Records: Report

A Nigerian court has postponed a money laundering trial against Binance and two of its executives, Reuters reported. The judge cited unresolved issues over medical documentation for one of the defendants. The trial, involving allegations of laundering over $35 million, has now been rescheduled for October.

Ongoing Medical Record Dispute

The delay arose from a medical report for Tigran Gambaryan, Binance's Head of Financial Crimes Compliance, ordered by the court but was not submitted as evidence. Gambaryan, who has been ill, reportedly appeared in court in a wheelchair, further complicating proceedings. The judge expressed frustration over the hospital's non-compliance in providing the required documents.

Judge Emeka Nwite issued a bench warrant for the arrest of the hospital's medical director and ordered that Gambaryan be admitted to the hospital for 24 hours to ensure proper treatment. This directive came after repeated delays attributed to Gambaryan's health, including malaria and pneumonia.

The case has drawn international attention, with US lawmakers urging the American embassy in Nigeria to advocate for Gambaryan's release on humanitarian grounds. However, Binance is contesting the charges, which include four counts of tax evasion and money laundering.

Earlier, Nigeria blamed Binance for exacerbating its currency crisis. Earlier, cryptocurrency platforms became preferred avenues for trading the Nigerian naira amid severe dollar shortages, which reportedly contributed to the naira's decline to record lows.

The next court date is set for October 11, where the presence of the hospital director and the resolution of Gambaryan's medical documentation are expected to be key issues.

Tax Evasion Charges

In other news, Binance has been scheduled to face tax evasion charges in Nigeria on October 11, marking a significant legal battle for the cryptocurrency exchange accused of not registering with Nigeria's Federal Inland Revenue Service for tax purposes, among other allegations.

In a recent hearing, Binance's representative Ayodele Omotilewa pleaded not guilty to all charges. Despite similar charges against two Binance executives being dropped in June, the exchange's executives face separate money laundering allegations, which they deny.

Nigeria dropped tax evasion charges against the executives following the crypto exchange's appointment of a local representative to handle legal proceedings.