Market News

A court in Abuja, Nigeria's capital has adjourned a money laundering trial against cryptocurrency exchange Binance and two of its executives to May 17.

The adjournment came Thursday after Chukwuka Ikuazom, a lawyer for the exchange said he had not been served with documents needed to prepare for the case.

Binance and its executives Tigran Gambaryan, a U.S. citizen, and British-Kenyan Nadeem Anjarwalla, are charged with laundering more than $35.4 million and engaging in specialized financial activities without a license.

In addition to the money laundering case by the EFCC, Nigeria's anti-graft agency, Binance also face four counts of tax evasion in a separate trial that will resume on May 17. 

They - Binance executives - have all pleaded not guilty. 

Nigeria harbors Africa’s largest crypto economy in terms of trade volume with many citizens using crypto to hedge their finances against surging inflation and the declining local currency. 

Authorities, however, alleged the platform was being used for money laundering and terrorism financing.

Since Gambaryan and Anjarwalla were arrested on Feb.26, their trial has been shrouded with controversy after they accused authorities of illegally detaining them and seizing their passports.

In addition, local media had reported that the Nigerian government demanded the names of citizens trading on the platform.

It is the second time the Abuja court is adjourning the formal commencement of the money laundering trial