Gambaryan was escorted into the court by heavily armed operatives of the Economic and Financial Crimes Commission (EFCC).

Gambaryan and his colleague Nadeem Anjarwalla were charged by the EFCC on five counts-charge bordering on money laundering and foreign exchange contravention to the tune of $35.4 million.

In a separate suit marked: FHC/ABJ/CR/115/2024, Binance was also accused of failing to register with the Federal Inland Revenue Service to pay all relevant taxes administered by the service.

The FIRS alleged that while Binance was offering taxable services to subscribers on its trading platform, the company failed to issue invoices to those subscribers to determine and payment of its value-added taxes.

The defendants; Binance Holdings Limited and Tigran Gambaryan, were meant to be arraigned on Thursday, but it was stalled. Gambaryans lawyer, I. Chukwuka SAN argued that his client cannot be arraigned because he has not been served with the FIRS charges.

The trial judge, Justice Emeka Nwite, adjourned further hearings until April 19 after listening to the parties submission on the service of the charge on Binance Holdings Limited.

Last week, the Binance executives filed a lawsuit against Nigeria's national security adviser's office and the anti-graft agency, over the violation of their fundamental rights and requested the court to release them.

Gambaryan is presently being held by the office of the National Security Adviser (NSA) in Abuja, Nigerias capital city.

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Nigeria's anti-graft agency produces Binance executive in court, but arraignment stalls - Business Insider Africa

In an effort to streamline its product offerings, Binance has announced that it will cease support for trading and depositing Bitcoin (BTC) nonfungible tokens (NFTs), also known as Bitcoin Ordinals, on its NFT marketplace starting April 18, 2024.

In a blog post dated April 4, Binance stated that the decision to wind down support for Bitcoin NFTs is part of its ongoing efforts to streamline its product strategy for offerings on the Binance NFT marketplace. Users are advised to withdraw their Bitcoin NFTs from the marketplace via the Bitcoin network before May 18, 2024, at 00:00 (UTC).

Starting from April 18, 2024, at 06:00 (UTC), users will no longer be able to buy, deposit, bid on, or list NFTs on the Binance NFT Marketplace via the Bitcoin network. All impacted listing orders will be automatically canceled at the specified time.

"Please note that Binance NFT Marketplace will not support any further airdrops, benefits, or utilities associated with Bitcoin NFTs after 2024-04-10," the blog post stated .

The announcement also addressed Runestone NFT users who meet the conditions for the Runestone airdrop. Binance NFT had distributed these NFTs to eligible users' accounts before April 4, 2024, at 10:00 (UTC). Users are advised to withdraw these NFTs by April 10, 2024, at 10:00 (UTC) to ensure they still have the opportunity to receive any associated tokens, utilities, and benefits after that date. Binance will not be responsible for any losses incurred if users fail to withdraw their NFTs before the stated time frame, the exchange said.

Bitcoin Ordinals, which allow for the inscription of digital content like art, text, music, or video directly onto the Bitcoin blockchain, have gained popularity since their introduction in late 2022. The protocol, created by Casey Rodarmor, enables unique digital arts to be directly embedded into Bitcoin transactions, similar to Ethereum's NFTs.

Binance's decision to discontinue support for Bitcoin NFTs comes as a surprise to the community, as the exchange had only added support for these tokens in May 2023, promising more opportunities for collectors.

The high volume of NFT transactions has occasionally clogged the Bitcoin network, increasing fees and slowing processing times as more transactions are validated on-chain. Recent data from Dune Analytics, the network has over 64 million inscriptions to date and has generated over $423 million in transaction fees.

As Binance phases out support for Bitcoin NFTs, users are encouraged to take the necessary steps to withdraw their assets from the marketplace within the specified timeframes to avoid any potential losses.

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Binance to cease support for Bitcoin Ordinals by April 18 - TradingView

Last updated: April 5, 2024 14:22 EDT | 2 min read

Binance announced on April 4 that it will suspend Bitcoin Ordinals trades and deposits from April 18, 2024. The exchange has then advised the holders of the Bitcoin-based non-fungible tokens (NFTs) to withdraw their assets from the trading platform NFT marketplace before May 18, 2024.

Binance did not disclose the reason behind the suspension of Bitcoin Ordinals but added that it sought to streamline product offerings on its marketplace. Additionally, the Binance NFT marketplace will no longer offer airdrops, utilities, and benefits related to Bitcoin NFTs after April 10, 2024, according to the announcement.

Despite this setback from Binance, OKX plans to support four new inscription standards, as it believes Bitcoin Ordinals will play a pivotal role in 2024.

Bitcoin Ordinals, otherwise known as Bitcoin NFTs, allows users to embed digital content such as music, audio, text, video, images, or art onto the Bitcoin blockchain. Binance added support for the collectibles in 2023, promising further opportunities to collectors. The inclusion appears to be over in less than a year, however, leaving community members surprised about the turn of events.

The decision to end support for Bitcoin Ordinals comes at a time when interests and trading activities in the overall NFTs market, including Bitcoin-based NFTs, are at multi-year lows, according to data from non-fungible.com.

Statista data reveals a stark decline in NFT sales, which peaked at 117,000 in August 2021 but has plummeted to 2,400 across several blockchains, including Ethereum.

While Bitcoin Ordinals have been adversely affected by the drop in the global NFT market, many investors have raised concerns about its effect on the security of the Bitcoin network and the congestion it creates.

Luke Dashjr, a popular Bitcoin Core developer, disclosed on December 6, 2023, that Bitcoin NFTs had caused widespread network clogs, increased fees, and exposed a vulnerability in the network.

Since its inception, there has been a high volume of inscriptions, which has led to Bitcoin network congestion and high transaction fees, with users complaining of slow transaction processing.

Dune Analytics data revealed that the Bitcoin network has recorded over 64.17 million inscriptions and has generated over $430.7 million in transaction fees.

Meanwhile, the rise of Bitcoin Ordinals has fueled a debate over whether or not inscriptions representing NFTs and BRC-20 tokens on the Bitcoin network should exist. Recall that some Bitcoin developers collaborated to standardize BRC-20 tokens.

Some experts believe that the network and its token, BTC, were meant for pure peer-to-peer (P2P) financial transactions and may suffer from the same problems that have plagued the Ethereum chain for years, including scammy meme coins, NFT pictures of monkeys hogging the space, and ever-rising transaction fees.

Others argue that Bitcoin Ordinals have driven positive momentum and innovation within the network as a pathway toward decentralization, however.

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Binance Suspends Bitcoin Ordinals Trading What's Going On? - Cryptonews

Posted April 3, 2024 at 7:55 pm EST.

Binance Holdings Ltd and two executives, Tigran Gambaryan and Nadeem Anjarwalla, were set to be arraigned on Thursday on charges related to money laundering and tax evasion in the Federal High Court in Abuja, Nigeria. However, procedural issues in the case have prompted the court to delay the arraignment until April 19.

Set against a dramatic currency crisis, the countrys enforcement actions against the worlds largest crypto exchange have attracted international attention. Crucially, Binance itself has also been charged in the case on the same grounds as both executives, raising questions about the extent to which they are being held personally responsible for allegations against their employer.

Gambaryan and Anjarwalla were arrested by Nigerian officials in February and held without charges for several weeks. On March 28, Nigerias Economic and Financial Crimes Commission (EFCC) charged both individuals and the company with allegations involving money laundering of up to $35.4 million and operating a specialized financial business without the necessary licensing. It was later reported that the Federal Inland Revenue Service (FIRS) had filed separate charges related to tax evasion on March 25.

Read more: Binance Founder CZs Criminal Sentencing Date Postponed to April: Report

Gabaryan, currently in custody, is expected to appear in court; Anjarwalla, however, escaped on March 22 and will be arraigned in absentia. Nigerian authorities are reportedly in talks with Interpol regarding his extradition. However, according to a statement from Interpol, the international police organization is not involved in the extradition process.

The defendants were set to be arraigned Thursday on five counts related to money laundering. These charges include carrying on specialized business without valid license, engaging in business of other financial institutions without valid license, and conspiracy to conceal the origin of revenue derived from unlawful activities.

However, Gambaryans defense successfully argued that his client had not been properly served papers in custody, and therefore did not adequately understand the charges against him. As such, Gambaryan was formally served in court today, with his arraignment postponed until April 19. The defense also successfully argued that his employer, Binance Holdings Ltd. had not been properly served either, nor had Nadeem Anjarwalla, who escaped custody in March and remains at large. As such, these arraignments have also been postponed.

In a statement on Wednesday, Binance said that Gambaryan, despite his crucial role in improving the companys compliance framework, should not be held accountable for the companys decisions due to his lack of decision-making power within Binance.

Binance respectfully requests that Tigran Gambaryan, who has no decision-making power in the company, is not held responsible while current discussions are ongoing between Binance and Nigerian government officials, Binance wrote.

The crypto exchange also emphasized Gambaryans career background in law enforcement and regulatory compliance, writing,

Tigran was hired in 2021 to help Binance fix past compliance issues. As the head of Binances Financial Crime Compliance (FCC) team, he has been a strong advocate for Binance to develop policies and build compliance capabilities that set new industry standards while he has left official service of the U.S. government, he has remained fully committed to the role of law enforcement officer ever since, operating as a global advocate for good governance and transparent regulatory financial practices.

Read more: Binance to Pay $4.3B Penalty to Resolve U.S. DOJ Criminal Investigation; Changpeng Zhao Resigns, Pleads Guilty to Money Laundering Charges

Gambaryan has responded to his arrest by suing Nigerian authorities for violations of fundamental human rights under the countrys Constitution. He is seeking an order of perpetual injunction against detaining him in relation to any investigations into Binance and has urged the court to order the authorities to issue a formal public apology.

Neither Binance nor Nigerias EFCC immediately responded to Unchaineds requests for comment for this story.

This case is set against a backdrop of Nigerias aggressive regulatory stance on cryptocurrency operations, reflecting broader concerns over the impact of these platforms on national financial stability and regulatory compliance. It is also set against a severe currency crisis triggered by a series of policy reforms, including a radical redesignand backtracking on the redesignof its currency, the Naira.

In October 2022, the Central Bank of Nigeria redesigned the Naira to feature higher-denomination notes and provided a limited, three-month window for people to exchange their old notes for the newer denominations. The decision was wildly unpopular and eroded confidence in the currency, a crisis that has worsened since May 2023, when newly-elected President Bola Ahmed Tinubu, a critic of the redesign, suddenly reversed it.

Since currency devaluation is already a politically charged issue in Nigeria, some politicians have begun to point fingers at Binance for playing a role in the currencys devaluation. In February, presidential advisor Bayo Onanuga voiced concerns on X that cryptocurrency-enabled forex trading on platforms like Binance posed an existential threat to the nations currency.

In a lengthy post, Onanuga claimed that some traders, including opponents of the current administration, were taking advantage of the ability to trade Naira freely against USD-denominated stablecoins on Binance, circumventing strict restrictions against unregulated forex trading. He also criticized the exchanges ability to effectively engage in currency markets, pointing out that its use was limited or banned in some of the worlds richest markets.

He wrote:

Binance which is blatantly setting exchange rate for Nigeria, hijacking [the Central Bank of Nigeria]s role, is a cryptocurrency trading platform, and suffers access limitations from multiple jurisdictions, such as the US, Singapore, Canada and the UK.Binance, facing regulatory showdown in many countries, and causing disruptions in the currency market, should not be allowed to dictate the value of the Naira, not on its crypto exchange platform.

In March 2024, a Nigerian court ordered Binance to provide the EFCC with data on thousands of Nigerian users. In its request, the EFCC wrote that it had uncovered users who have been using the platform for price discovery, confirmation, and market manipulation, which has caused tremendous distortions in the market, resulting in the Naira losing its value against other currencies.

UPDATE (April 4, 2024 9:27 a.m. ET): This article was updated to reflect that the arraignments had been postponed from April 4, 2024 to April 19. It has also been updated to reflect comment from Interpol.

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Binance on Trial: Nigerian Prosecutors Target Exchange and Executives Alike in Criminal Trial - Unchained - Unchained