A Nigerian court has adjourned the trial of Binance executive Tigran Gambaryan, who is currently detained in Nigeria. The trial was delayed today (Friday) after Gambaryan, a US citizen and Head of Financial Crime Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term at Binance, could not attend due to illness.

He has been held in Nigeria since February and faces charges of laundering over $35 million, which both he and Binance deny.

Trial Postponed for Medical Treatment

Judge Emeka Nwite of the Federal High Court in Abuja postponed the trial to October 25 to allow Gambaryan to receive medical treatment.

Last week, Judge Nwite denied Gambaryan’s request for bail for the second time, arguing that the prison could manage his health needs. Gambaryan had sought release, citing his deteriorating health and the need for surgery outside prison.

In response to the situation, Binance has taken to social media to request his release, as reported by Finance Magnates. CEO Richard Teng stated that Nigerian authorities requested a “secret” payment to resolve the issues. Nigerian officials have denied these claims, calling them a diversion from Binance’s activities.

Nigerian Court Adjourns Trial Of Detained Binance Executive, Gambaryan, Declared As ‘Very Sick’ By Prison Authorities pic.twitter.com/uemQTOncdx

— Aneke Tv (@AnekeTv) October 18, 2024

In a separate development, Binance has expanded its services in Africa, enabling users in Benin, Cameroon, Ivory Coast, the Democratic Republic of Congo, Togo, and Senegal to purchase cryptocurrency via mobile money payments through local partnerships.

Binance Halts Naira Transactions

In August, Yuki Gambaryan, his wife, reported that her husband’s health had worsened significantly in detention, warning that his condition could cause permanent damage, potentially affecting his mobility. She has appealed for his release and vowed to continue advocating on his behalf.

Binance also faces separate tax evasion charges, which the company denies. The exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term has halted transactions in Nigeria's currency, the naira, following a government crackdown on crypto exchanges, which authorities allege are linked to the black market for foreign currency.