A Binance executive slumped in court during a money laundering case, drawing attention to the legal challenges faced by the cryptocurrency exchange amid tightening regulations.
In a dramatic turn of events, Tigran Gambaryan, the head of financial crime compliance at the cryptocurrency exchange Binance, collapsed during a court hearing related to alleged money laundering charges, prompting concerns over his well-being and raising questions about the mounting legal pressures faced by the company.
The incident occurred at a federal high court in Abuja, Nigeria, on Thursday. Gambaryan, who was initially seated behind in the courtroom, did not proceed to the dock immediately when the matter was called by the registrar. As presiding judge, Emeka Nwite inquired about the whereabouts of the "second defendant," referring to Gambaryan, the Binance executive stood to approach the dock but suddenly slumped before reaching it.
Gambaryan was assisted by one of the defense lawyers as he attempted to walk toward the dock. He was later helped to a seated position in the front row of the courtroom. Mark Mordi, Gambaryan's counsel, explained to the judge that his client was ill and that a letter had been filed to notify the court of his health condition, adding that the case may not proceed as scheduled.
Gambaryan and Binance are standing trial over allegations of money laundering. On May 17, the court refused to grant bail to Gambaryan, citing concerns that the defendant was likely to "jump bail if granted to him." This decision came two months after Nadeem Anjarwalla, Binance's regional manager for Africa, had reportedly escaped from the custody of the Office of the National Security Adviser (ONSA) in Nigeria.
Anjarwalla, who was said to have fled after being led to a nearby mosque for prayers during Ramadan, was last reported to have been arrested by the police in Kenya. Both Anjarwalla and Gambaryan were initially detained in February and are also facing tax evasion charges before the same court.
The incident has highlighted the legal challenges faced by Binance and its executives amid tightening regulations and increased scrutiny from authorities around the world regarding the cryptocurrency industry's potential involvement in illicit activities such as money laundering and tax evasion.
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