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A Nigerian lawmaker has filed a ₦1 billion ($1.2 million) lawsuit against Tigran Gambaryan, a senior executive at Binance, over allegations of bribery. The lawsuit adds to the growing legal troubles faced by the crypto exchange in Nigeria, as authorities continue to scrutinize its operations in the country.
Bribery Allegations and Legal Action
The lawsuit, filed in a Nigerian court, accuses Gambaryan of attempting to influence government officials through bribery. While specific details of the alleged incident remain undisclosed, the lawmaker claims the Binance executive engaged in unethical practices to sway regulatory decisions in favor of the exchange.
Binance, which has been under increasing regulatory pressure worldwide, is already facing scrutiny in Nigeria over concerns related to money laundering, tax evasion, and financial instability. This lawsuit further complicates the exchange’s legal position in the region.
Binance’s Legal Troubles in Nigeria
The lawsuit comes amid a broader crackdown on Binance by Nigerian authorities. In recent months:
- The Nigerian government has accused Binance of facilitating currency speculation, which officials claim has impacted the value of the naira.
- Authorities detained Binance executives, including Gambaryan, as part of an ongoing investigation.
- The Nigerian financial regulator has expressed concerns over Binance’s compliance with local laws, particularly regarding anti-money laundering (AML) and tax obligations.
Binance has yet to issue an official statement regarding the lawsuit. However, the exchange has consistently denied any wrongdoing and has expressed a willingness to cooperate with regulators in Nigeria and other jurisdictions.
With this latest legal battle unfolding, the outcome could have significant implications for Binance’s presence in Nigeria and the broader cryptocurrency regulatory landscape in Africa.
