Think twice before starting to work for the world’s largest crypto exchange! As Binance’s financial crime compliance officer faces money laundering charges in Nigeria, questions mount over the company’s compliance safeguards and the risks involved in its global operations. The denial of bail for Tigran Gambaryan and the ongoing legal battle could have far-reaching implications for the company’s future.
Key Points:
- Binance‘s head of financial crime compliance, Tigran Gambaryan, remains in detention in Nigeria as his money laundering trial proceeds.
- A Federal High Court judge in Abuja denied bail for the second time, citing the adequacy of prison healthcare services.
- Tigran Gambaryan and Binance deny all charges, including tax evasion and money laundering.
- His legal team argued for his release on medical grounds, but the court ruled it an abuse of process due to an ongoing appeal from a previous bail ruling.
Short Narrative:
Tigran Gambaryan, Binance’s head of financial crime compliance, continues to face serious money laundering charges and tax evasion in Nigeria. Despite his legal team’s request for bail on medical grounds, the Federal High Court in Abuja denied the plea, emphasizing that the Nigerian Correctional Service is capable of addressing his health concerns. Gambaryan, detained since February, has maintained his innocence, while Binance is also fighting parallel tax evasion charges.
His trial has been adjourned until October 18 as his defense team continues to challenge the allegations.
Compliance Insight:
This case highlights Binance’s ongoing struggles with regulatory and legal scrutiny across various jurisdictions. Gambaryan, who served as the head of financial crime compliance, is accused of facilitating money laundering, raising questions about Binance’s internal controls and adherence to international compliance standards. The refusal of bail by the Nigerian courts, coupled with the ongoing tax evasion charges against the company, further intensifies concerns about the platform’s global compliance posture. Binance’s defense strategy and its handling of these allegations will be critical for its reputation and regulatory relationships moving forward.
Call for Information:
If you have any information about compliance violations by crypto companies, please share it with us via our whistleblower system, Whistle42.
