Referral of money laundering case to Binance Nigeria: new date on May 17th


The money laundering case involving Binance and Nigeria has been postponed to May 17, as stated to CoinDesk by a spokesperson for the incarcerated executive’s family. 

Tigran Gambaryan is currently detained in Kuje prison awaiting a bail hearing scheduled for May 17th. Below are all the details. 

Binance Nigeria: money laundering trial postponed, details 

As anticipated, the money laundering case against Binance Nigeria has been postponed to May 17, as confirmed by a spokesperson for the family of the incarcerated executive, Tigran Gambaryan.

The session was scheduled for today, but it has been postponed. According to Reuters, Binance’s lawyer stated in court that he had not been informed of the additional evidence needed to prepare the defense.

Once the material was notified, the judge granted him more time to examine it, considering that it consisted of about 300 pages.

The arrest of Gambaryan, a US citizen and head of financial compliance for Binance, took place in Nigeria, along with the British-Kenyan regional executive for Africa, Nadeem Anjarwalla, in February.

The company and its executives have been accused of money laundering violations and tax evasion by Nigerian authorities about a month after the arrest. Since then, Anjarwalla has fled and Nigerian authorities are searching for him. 

Gambaryan remains incarcerated in Kuje, awaiting the bail hearing, also scheduled for May 17, simultaneously with the tax evasion trial. 

Even this last one has been postponed, after Binance claimed not to have been officially informed of the accusations.

Changpeng Zhao’s words after being sentenced to four months in prison

Meanwhile, in a recent post on the social network X, the CEO of Binance Changpeng Zhao, known as CZ, expressed his gratitude to those who supported him before his conviction. 

He received 161 letters of support from family members, friends, companies, government leaders and community, colleagues, employees, acquaintances, industry professionals, Binance volunteers, and community members. 

“They all mean a lot to me and give me strength,” CZ wrote.

As we know, Zhao’s conviction to four months in prison occurred on April 30th, a sentence lower than the 36 months requested by the public prosecutors.

During the hearing, the judge Richard Jones noted that the Department of Justice’s request exceeded existing guidelines. 

Zhao, with a net worth of about 33 billion dollars, will be the richest person to serve a sentence in a federal prison in the United States. Judge Jones emphasized that no one is above the law.

It is not yet clear when Zhao will surrender to the authorities to serve his sentence. However, he has stated that, after serving his time, he will focus on education, remaining a passive investor in cryptocurrencies. 

Zhao also emphasized that the cryptocurrency sector has entered “a new phase”, in which compliance is crucial. 

He added that the fact that Binance has been “under the microscope” could be an advantage, ensuring that the platform users’ funds remain safe.