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Binance exec denied bail in Nigeria money laundering trial

Tigran Gambaryan, a Binance executive detained in Nigeria since February, has reportedly been denied bail by a Nigerian court in a money laundering trial.

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Tigran Gambaryan, a Binance executive detained in Nigeria since February, has reportedly been denied bail by a Nigerian court in a money laundering trial.

According to a local media report, Judge Emeka Nwite denied the bail application, stating that he believed Gambaryan posed a flight risk and would likely flee if released on bail.

Gambaryan, Binance Holdings and another senior executive, Nadeem Anjarwalla — who is currently at large — face charges from the Economic and Financial Crimes Commission (EFCC) related to money laundering and the financing of terrorism.

The prosecution, led by Ekele Iheanacho, strongly objected to the bail application and highlighted that Gambaryan recently attempted to obtain a new passport under questionable circumstances after claiming his previous one was stolen.

Furthermore, Iheanacho said Gambaryan has no significant ties to any community in Nigeria. Iheanacho claimed that if granted bail, he is more likely to abscond like his colleague, Anjarwalla, who escaped Nigerian custody on March 22.

Anjarwalla and Gambaryan were taken into custody upon their arrival in Nigeria on Feb. 26. The arrest came after the federal government banned cryptocurrency channels as part of a campaign to curb currency speculation. The court mandated that Binance give the Nigerian government access to data and details of Nigerian traders using its platform.

However, Gambaryan also sued the Nigerian government for violating his fundamental human rights. Gambaryan’s motion claims that his detention in Nigeria and the confiscation of his passport violates the country’s constitution, which guarantees an individual’s right to personal liberty.

The Federal High Court in Abuja, Nigeria, had previously postponed the bail application hearing for Gambaryan, who is currently in custody at the Kuje correctional center.

Gambaryan was expected to return to court on April 19 following an initial postponement, and the question of bail was to be addressed on April 22. He has pleaded not guilty to tax evasion and money laundering charges brought by the EFCC.

On March 5, Binance announced that it would cease all Nigerian naira transactions, effectively exiting the market. Binance also said its peer-to-peer trading platform delisted all naira trading pairs in late February.

In a separate case in the United States, a federal judge sentenced former Binance CEO Changpeng “CZ” Zhao to four months in prison for violating U.S. money laundering laws.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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