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 Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term.

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 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'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.