A Nigerian court has opted to postpone the trial involving cryptocurrency exchange Binance and two of its executives, pushing the anticipated commencement date to May 17.
The decision was made to afford the legal team adequate time to thoroughly review the extensive documentation pertinent to the case.
The trial, initially slated to unfold on May 2, faced a setback when Binance’s legal representative failed to receive the requisite documents essential for advancing the proceedings.
As a consequence, the judge adjourned the hearing to May 17 to accommodate the scrutiny of the over 300-page dossier.
Binance and its executives stand accused of money laundering and conducting specialized financial activities sans a license. Tigran Gambaryan, the compliance officer, and Nadeem Anjarwalla, the regional manager, are both embroiled in a legal dispute.
In February, Nigerian law enforcement detained Gambaryan and Anjarwalla, with the latter managing to evade custody and abscond from the country illicitly in March.
Subsequently, on April 8th, the court dismissed Gambaryan’s defence plea, contending that he shouldn’t be held accountable for Binance’s Nigerian operations.
The defence cited Gambaryan’s role in providing educational training to local officials as a representative of the exchange.
Despite refuting the allegations and asserting a violation of his rights, Gambaryan was remanded to a high-security detention facility following the hearing. The senior manager faces charges of tax evasion and laundering an estimated $35 million.