Tigran Gambaryan was remanded pending trial, reports says:

Tigran Gambaryan, head of financial crime compliance at Binance, is said to have entered a not guilty plea to allegations of money laundering in a Nigerian high court on Monday. He was then placed under remand pending trial.

The case's presiding judge apparently decided that Gambaryan can be regarded as the company's representative under Nigerian law, despite Binance's claim that he had no decision-making authority at the organisation.

Tigran Gambaryan, a Binance executive who was arrested by Nigerian police in February along with a colleague, entered a not guilty plea to allegations of money laundering in a high court on Monday, according to local media.

Reports state that Gambaryan was placed under remand pending his trial, and that he may seek bail up until April 18.

In February, Nigeria's government accused Binance of helping process illicit funds worth billions of dollars and of manipulating the exchange rate for the Nigerian naira. The head of Binance's financial crime compliance was also detained in the nation, along with another executive at the company, Nadeem Anjarwalla.

In March, Anjarwalla escaped custody and, since then, the two executives have filed suit against the Nigerian government accusing it of violating human rights.

Nigeria's Federal Inland Revenue Service (FIRS) has accused Binance, Gambaryan and Anjarwalla of tax evasion, while the Economic and Financial Crimes Commission (EFCC) has accused the same parties of laundering money.

Despite Binance's statement last week urging Gambaryan should not be held responsible for the company because he doesn't have any desicion-making power, a Nigerian judge allowed the suit to continue, reports said.

According to reports, Justice Emeka Nwite contended that Gambaryan and Anjarwalla could pass for the company since they had previously communicated with national authorities about the operations of the cryptocurrency exchange.

Anjarwalla, Binance, and Gambaryan allegedly used the cryptocurrency exchange to "unlawfully negotiate foreign exchange rates in Nigeria and you thereby committed an offence contrary to and punishable under section 29(1) (C) of the Foreign Exchange (Monitoring And Miscellaneous Provisions) Act." Gambaryan reportedly entered a not guilty plea to five counts, one of which claimed his involvement.

CoinDesk has reached out to Binance and Nigeria's Federal High Court for comment.