A Nigerian High Court has adjourned the money laundering trial against Binance and its executive Tigran Gambaryan to June 20 because of the executive’s health concerns, according to a May 23 statement from the Economic and Financial Crimes Commission (EFCC).The EFCC reported that the defense counsel, led by Mark Mordi, informed the court of his client’s ill health and inability to stand trial. Circulating local media reports further revealed that Gambaryan had slumped during the May 23 trial and required his legal team’s assistance.Subsequently, Modi urged the court to postpone the trial to a later date that would allow his client to recuperate appropriately. The lawyer stated:“In the circumstance of the ill health of the second defendant, it is clear that he cannot stand for trial today…We beseech for the defendant to be transferred to Mizamiye Hospital Abuja for treatment, and for the court to mandate the Nigerian Correctional Service to issue us a medical report on the examination they conducted on him in their facility.”Gambaryan is a US citizen who heads the crypto exchange’s financial crime compliance department. He and Nadeem Anjarwalla, Binance’s regional manager for Africa, were apprehended upon their arrival in Nigeria’s capital, Abuja, on Feb. 26. Anjarwalla escaped custody on March 22.Gambaryan’s continued detention in Nigeria has elicited a strong reaction from the international community, who have called for his release. However, the Nigerian High Court denied his bail application, citing flight risk concerns.CryptoSlate previously reported that crypto stakeholders have warned that Nigeria’s ongoing prosecution of Binance and its executives could significantly impact the country’s reputational standing within the web3 ecosystem.Nevertheless, available data shows that crypto adoption in Nigeria remains very strong, with at least six crypto-related applications among the top 10 most downloaded applications on the Apple App Store. Patrick Hansen, the EU Director of Strategy for Circle, said:“Nigeria is one of the fastest growing economies in the world and projected to be the third most populous country by 2050. Having 2 self-custody wallets amongst the top 3 IOS apps in Nigeria is crazy, even if just temporarily true.”Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change. Get the latest crypto news and expert insights. Delivered to you daily.The Nigerian government maintains Gambaryan and Binance would be allowed to themselves in court.The lawmakers argued Gambaryan is being held as part of a coercion tactic by the Nigerian government to extort Binance.Stakeholders warn that the continued detention of Binance executives in Nigeria could cause reputational damage for the country.The IMF contends that through proper regulation and licensing, cryptocurrencies can provide Nigeria with tools for more secure and efficient transaction processes.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
