In an unfolding legal saga, Nigerian authorities brought forth Binance executive Tigran Gambaryan to face charges of money laundering, marking a pivotal moment as proceedings commenced in Abuja High Court on April 8. Standing before the court, Gambaryan staunchly denied the allegations leveled against him and petitioned for release on bail.

The high-ranking official of Binance's U.S. division entered a plea of not guilty during the hearing held at a Nigerian Federal High Court in the nation's capital. This marked the initiation of the government's case against the cryptocurrency exchange, embroiling Gambaryan in a legal battle fraught with implications.

Gambaryan's legal counsel passionately argued that his client should not bear responsibility for the actions attributed to Binance Holdings Limited. The defense contended that prosecutors had failed to properly serve the company, thereby shielding Gambaryan from culpability. Additionally, on April 3, the crypto firm itself formally requested Gambaryan's release, underscoring his lack of decision-making authority within the organization.

However, lawyers representing Nigeria's Economic and Financial Crimes Commission (EFCC) countered, citing constitutional provisions that enable the prosecution of corporate executives. Justice Emeka Nwite, presiding over the case, affirmed the legality of the prosecution's actions, citing a prior dismissal of objections raised in a magistrate court.

In light of the ruling, Gambaryan was remanded to the Kuje correctional center, awaiting further proceedings. The court deferred the decision on his bail application until April 18, with the trial slated to resume on May 2, as reported by local media outlet Punch.

The ordeal extends back over 40 days, since Gambaryan, along with another Binance executive, Nadeem Anjarwalla, was apprehended in late February amid a government crackdown on the cryptocurrency exchange for alleged offenses including money laundering, tax evasion, and foreign exchange rate manipulation.

Although accusations pertaining to forex rate manipulation have receded, Nigerian authorities persisted with other charges. Negotiations ensued, yet Anjarwalla evaded detention, absconding from the country. Reports surfaced indicating Interpol's involvement, with an international arrest warrant issued for the fugitive Binance employee. The company, expressing cooperation with local law enforcement, has taken measures such as discontinuing naira services, including its P2P rail.