A High Court in Nigeria has postponed the trial of Binance executive Tigran Gambaryan, who is accused of money laundering, until June 20 due to health concerns. Gambaryan, a US citizen who leads Binance's financial crime compliance department, has been held in Nigeria since February 26. The Economic and Financial Crimes Commission (EFCC) announced the postponement on May 23, citing Gambaryan's poor health and inability to stand trial.

Gambaryan was taken ill during the May 23 trial and needed assistance from his legal team. His lawyer, Mark Mordi, requested a postponement to allow Gambaryan to recover, stating that his client was unable to stand trial due to his health. The EFCC also reported that Gambaryan had slumped during the trial and required medical attention. Gambaryan and Nadeem Anjarwalla, Binance's regional manager for Africa, were arrested upon their arrival in Abuja, Nigeria's capital, on February 26.

Anjarwalla escaped custody on March 22, but Gambaryan remains in detention. The international community has called for Gambaryan's release, but the Nigerian High Court denied his bail application, citing flight risk concerns. Despite this, crypto adoption in Nigeria remains strong, with at least six crypto-related applications among the top 10 most downloaded on the Apple App Store. Nigeria has seen a significant increase in cryptocurrency adoption, with 46% of Nigerians owning cryptocurrency in 2023, and 90% planning future investments.

The country also ranks first globally for P2P cryptocurrency transactions and second for crypto adoption. The popularity of cryptocurrency in Nigeria can be attributed to the country's young and tech-savvy population, who are seeking alternative financial solutions. Despite regulatory challenges, Nigeria's crypto market continues to grow, with a surge in stablecoin and Bitcoin adoption. The country's economic instability and currency fluctuations have driven demand for stablecoins, with USDT being the most popular.

Binance, the world's top crypto exchange, has played a significant role in driving crypto adoption in Nigeria, offering an easy path for Nigerians to access USDT and other cryptocurrencies. Nigerian exchanges recorded $60 billion in stablecoin transactions between August 2021 and July 2023, according to Chainalysis.The use of stablecoins has been driven by the need to preserve wealth and facilitate payments, with businesses increasingly adopting USDT and other stablecoins. The growth of cryptocurrency in Nigeria has been remarkable, with the country's crypto market expected to continue expanding despite regulatory challenges.