Overview

• Binance executive Tigran Gambaryan pleaded not guilty to charges of tax evasion and money laundering in Nigeria, remaining in detention pending trial.
• Nigerian authorities have accused Binance and its executives of several infractions, including currency manipulation and facilitating illicit fund transfers, demanding a heavy fine.
• Binance has publicly requested Gambaryan's release, stating the charges are meritless and emphasizing his non-decision-making role in the company.
• Amid escalating tensions, Binance ended support for the Nigerian Naira and is in ongoing discussions with Nigerian officials regarding the situation.
• The case highlights Nigeria's complex relationship with cryptocurrency, involving regulatory challenges and accusations against crypto exchanges.