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Breaking: Court Adjourns Suit Against Binance and Officials

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The Federal High Court in Abuja has adjourned the trial concerning money laundering allegations against Binance Holdings Limited and two of its executives, Tigran Gambaryan and Nadeem until May 17th.
Tigran Gambaryan, of Binance in Court.

The Federal High Court in Abuja has adjourned the money laundering trial involving cryptocurrency exchange platform Binance and its officials until April 8, following deliberations on the service of charges against Binance Holdings Limited.

Presiding over the case, Justice Emeka Nwite deferred the matter for ruling after hearing arguments from both sides regarding the service of the charge on Binance Holdings Limited.

The defendants in the case, Binance Holdings Limited and Tigran Gambaryan, were scheduled for arraignment on Thursday.

However, proceedings were halted due to objections raised by Mark Mordi, SAN, counsel for the second defendant.

Mordi argued that his client, Tigran Gambaryan, could not be prosecuted because the Economic and Financial Crimes Commission (EFCC) failed to serve Binance Holdings Limited properly.

He emphasised that Gambaryan was not an agent, director, or representative of the company in Nigeria and, therefore, could not be served on behalf of the first defendant.

Disagreeing with Mordi’s stance, counsel for the EFCC, E.E. Iheanacho, asserted that Gambaryan represented Binance Holdings Limited in the country.

He stated that the charge was served on Gambaryan on behalf of the company, although it was rejected.

Iheanacho argued that it was not within the counsel’s purview for the second defendant to advocate for the first defendant.

He urged the court to enter a not-guilty plea for Binance Holdings Limited and proceed with the trial.

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