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Binance executive collapses during Nigeria trial 

Tigran Gambaryan, a Binance executive currently detained in Nigeria, collapsed in the Federal High Court in Abuja during his trial for alleged foreign exchange violations and money laundering offenses brought against him by the Nigerian Economic and Financial Crimes Commission (EFCC).

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Tigran Gambaryan, a Binance executive currently detained in Nigeria, collapsed in the Federal High Court in Abuja during his trial for alleged foreign exchange violations and money laundering offenses brought against him by the Nigerian Economic and Financial Crimes Commission (EFCC).

According to local media, Mark Mordi, Gambaryan’s legal representative, notified the court on May 22 that his client had been unwell since the previous trial date and was still experiencing health problems.

Gambaryan previously failed to appear in court on the same day on a separate arraignment for tax evasion charges brought by the Nigerian Federal Inland Revenue Service (FIRS). However, he made it to court for the money laundering charges.

During the money laundering court proceedings, the court registrar called the case. Gambaryan failed to respond and remained seated in the back row. Judge Emeka Nwite, noticing his absence, asked for clarification. In response, Gambaryan’s defense lawyer assisted him to the dock.

However, Gambaryan suddenly collapsed and required assistance from his lawyer to be seated in a front-row seat. Mordi explained that his client had been unwell and that a written application had been submitted to inform the court of his condition.

Given Gambaryan’s sudden collapse, Mordi sought an adjournment for his client’s medical treatment. Mordi emphasized that proceeding with the case under such circumstances would be untenable. Subsequently, the court set June 20 and 21 for cross-examination and the trial.

The judge previously denied Gambaryan’s request for bail on May 16, citing the EFCC’s concerns that he posed a flight risk if released from the Kuje Correctional Centre, where he is currently detained.

Gambaryan was transferred to the Kuje Correctional Centre in Abuja in April 2024 after pleading not guilty to money laundering charges brought against him by the EFCC.

In March, the FIRS filed tax evasion charges against Binance and its executives, Gambaryan and Nadeem Anjarwalla. The charges included failure to register with the FIRS, failure to pay company income tax, failure to pay value-added tax and facilitating tax evasion.

The Nigerian government has accused the cryptocurrency exchange of influencing foreign exchange rates, requiring stricter oversight of crypto trading platforms.

Binance CEO Richard Teng recently issued a statement suggesting Nigerian officials tried to coerce Binance representatives into a secret settlement paid in cryptocurrency during meetings in early 2024.

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 Nigeria naira trading pairs in late February.

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Binance tightens South African compliance rules for crypto transfers

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Binance is tightening compliance measures for crypto transactions in South Africa, announcing it will fully implement the country’s Travel Rule requirements beginning January 2025. The move aligns with regulations set by South Africa’s Financial Intelligence Centre (FIC) and reflects the exchange’s broader efforts to meet global anti-money laundering standards.

Under the new rules, Binance will require South African users to include verified personal information—such as names, addresses, and account details—when sending or receiving crypto between platforms. These changes are designed to increase transparency and traceability of digital asset transfers, making it harder for illicit actors to exploit decentralized networks.

Binance emphasized that users must complete know-your-customer (KYC) verification before transferring crypto to or from external wallets. Transfers to non-compliant platforms may be restricted or flagged, while internal transfers within Binance or to Travel Rule-compliant entities will remain unaffected.

The announcement follows South Africa’s decision in 2023 to designate crypto as a financial product, placing digital asset providers under the supervision of the FIC. The country has since taken steps to integrate crypto into its formal regulatory structure, including licensing requirements and mandatory reporting obligations.

With enforcement beginning in 2025, Binance urged users to familiarize themselves with the new procedures to avoid disruptions. The exchange also plans to provide additional guidance and tools to help users remain compliant as the deadline approaches.

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Ethereum bounces back as market dominance recovers from all-time low

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Ethereum has staged a notable recovery after recently experiencing its lowest market dominance since its early days. The turnaround comes as ETH surged nearly 4% in the past 24 hours, climbing back above the $3,100 mark and narrowing its underperformance gap relative to Bitcoin.

For much of 2024, Ethereum has trailed behind Bitcoin and a growing wave of altcoins, with its market share dropping below 15% — levels not seen since 2015. The slump was driven by investor focus on Bitcoin ETF momentum, lackluster institutional interest in ETH, and rising competition from layer-1 and layer-2 networks offering faster and cheaper alternatives.

Despite these challenges, Ethereum’s fundamentals remain strong. Data shows a healthy uptick in active addresses, transaction volumes, and total value locked in DeFi protocols built on Ethereum. Additionally, hopes remain high for the approval of a spot Ethereum ETF in the U.S., with analysts suggesting a potential turnaround in institutional flows if approved.

Traders are now watching whether this rebound signals a sustained trend reversal or just a temporary relief rally. With key upgrades and ecosystem developments still in the pipeline, Ethereum’s ability to regain dominance may hinge on reigniting both investor confidence and broader developer activity.

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SEC says it won’t re-file fraud case against Hex’s Richard Heart

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The U.S. Securities and Exchange Commission (SEC) has confirmed it will not pursue a retrial in its fraud case against HEX founder Richard Heart, effectively bringing an end to one of the agency’s high-profile crypto enforcement actions.

The decision follows a recent court ruling that dismissed several key allegations against Heart, including claims that he misled investors and violated securities laws through the promotion and sale of HEX, PulseChain, and PulseX tokens. While the SEC initially signaled it would consider further legal options, it has now opted to forgo additional litigation.

Heart, a controversial figure in the crypto world, had long denied the SEC’s accusations, framing the lawsuit as an overreach by regulators. The agency had alleged that Heart raised over $1 billion from investors while misrepresenting how funds would be used and failing to register the offerings.

With the SEC stepping back, the dismissal marks a rare instance in which the regulator has chosen not to continue a crypto-related fraud case, potentially signaling a reassessment of its approach amid growing legal pushback and mounting scrutiny over its enforcement tactics.

Although the case is now closed, legal analysts suggest the outcome could influence future regulatory efforts and may embolden other crypto founders facing similar challenges. Heart, meanwhile, has positioned the development as a vindication, reaffirming his stance that HEX and related projects were never in violation of U.S. securities laws.

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