A Nigerian judge will hear a money laundering case involving the cryptocurrency exchange Binance and two of its executives next week. The hearing was moved to an earlier date following a request by the defense. Originally scheduled for October 11, the court date is now set for September 2, according to the prosecutor.

Binance Denies Laundering Allegations

Binance is accused of laundering over $35 million. The charges also extend to two of its executives: Tigran Gambaryan, a U.S. 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, and Nadeem Anjarwalla, a British-Kenyan regional manager for Africa.

Both Binance and Gambaryan have denied the charges. Anjarwalla, however, fled Nigeria before the trial and has not been detained. Gambaryan, on the other hand, has been in Nigerian custody since February. His health has reportedly worsened during his detention, according to his wife, Yuki Gambaryan.

She has appealed to the Nigerian government to drop the charges on humanitarian grounds and has sought assistance from the US government to secure her husband's release. In addition to the 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 charges, Binance is also facing accusations of tax evasion.

Nigerian judge to hear money laundering case against Binance next week https://t.co/GnIG3oQDop pic.twitter.com/vvSbgZZGt4

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Trading in Naira Suspended

The Nigerian government has held Binance partly responsible for the country's currency struggles. Cryptocurrency platforms, including Binance, have become popular for trading the Nigerian naira amid chronic dollar shortages, leading to the naira's sharp decline.

In response to a government crackdown on crypto exchanges, Binance announced in March that it would cease all transactions and trading in naira.

Meanwhile, NBA star Jimmy Butler and crypto YouTuber Ben Armstrong, known as “BitBoy,” have agreed to settle a class action lawsuit related to the promotion of alleged unregistered securities sold by Binance, as reported by Finance Magnates.

The total settlement amounts to $340,000, with Butler agreeing to pay $300,000 and Armstrong $40,000, as reported by CoinTelegraph. Both individuals continue to deny any wrongdoing despite the settlement.