Binance exec faints during money laundering trial in Nigeria

Health issues interrupted the trial, which was adjourned for medical treatment.

Binance faces charges of foreign exchange violations and tax evasion in Nigeria.

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Luxor (CoinChapter.com) – Binance executive Tigran Gambaryan fainted during a court hearing in Nigeria. He appeared before the Federal High Court in Abuja on May 22 to hear charges of foreign exchange violations and money laundering filed by Nigeria’s Economic and Financial Crimes Commission (EFCC) on May 22.

According to local media reports, Gambarian had told the court that he was unwell on the morning of May 22. This caused him to miss another arraignment on tax evasion charges filed by Nigeria’s Federal Inland Revenue Service (FIRS). He did, however, attend the Federal High Court hearing on the money laundering case against him.

A sudden faint or an intentional act?

The court clerk called the court to order during the money laundering trial against Binance. Gambarian did not respond and remained seated in the back row. Judge Emeka Nwite noted the executive’s absence and asked for an explanation. In response, Gambarian’s lawyer, Mark Mordi, then helped him walk to the dock.

However, in a shocking moment, Gambarian suddenly fainted before walking to the dock. His lawyer had to help him sit in the front row. Mordi explained to the court that a written application detailing Gambarian's poor health had been submitted in advance.

Binance’s trial in Nigeria adjourned, bail denied

Citing his sudden collapse, Gambarian’s lawyers requested an adjournment to allow the Binance executive to receive medical treatment. Moordi argued that it was “not feasible” to proceed with the case while the client was experiencing a medical emergency.

The court then fixed June 20 and 21 for cross-examination and continuation of trial. On May 16, the judge rejected Gambarian’s bail application. Emeka Enwet raised the EFCC’s concerns that Gambarian, who is currently detained at the Kuje Correctional Centre in Abuja, might flee if released.

Gambarian was transferred to the Kuje Correctional Centre, Abuja in April 2024 after he pleaded not guilty to money laundering charges filed by the EFCC.

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More broadly, the Nigerian government has accused Binance of improperly influencing foreign exchange rates through its cryptocurrency trading operations. In March, the FIRS filed tax evasion charges against Binance and its executives, Gambarian and Nadeem Anjarwalla. The charges included failure to register with the FIRS, failure to pay corporate income tax, failure to pay value-added tax, and facilitating tax evasion.

These legal issues led to Binance’s effective exit from Nigeria’s cryptocurrency market. Binance announced on March 5 that it would halt all trading denominated in the Nigerian naira. It had already delisted all naira trading pairs from its peer-to-peer platform in late February.

In a statement, Binance CEO Richard Teng claimed that during meetings in early 2024, Nigerian authorities attempted to illegally pressure the exchange’s representatives to pay for an informal and external settlement agreement in cryptocurrency.