The money laundering case filed against Binance, which was planned to take place in Nigeria on Thursday, was postponed to June 20 due to one of the executives being ill. Tigran Gambaryan, Binance’s head of financial crime compliance, is seriously ill and needs medical care, his lawyers announced.

On Thursday, a court in Nigeria postponed the money laundering case filed against Binance and two of its executives until June 20, on the grounds that one of the executives was ill. Tigran Gambaryan, a US citizen, is being tried along with both himself and his employer on charges of tax evasion and money laundering, a family spokesperson told CoinDesk. According to Reuters, Gambaryan’s lawyer stated that Gambaryan “is very ill and needs extensive medical care.”

After Gambaryan collapsed in court on Thursday, a medical facility administered him intravenous treatment for malaria, his lawyer added in his letter.

Gambaryan, who turned 40 in prison last week, was transferred to Kuje prison, where members of the Boko Haram terrorist organization are also located, after his arrest by Nigerian authorities in February. At the same time, British-Kenyan Nadeem Anjarwalla, regional manager for Africa, was also arrested but later escaped and was implicated in money laundering charges.

“Tomorrow, despite symptoms of serious illness, my wife had to appear in court and later fainted,” Gambaryan’s wife, Yuki Gambaryan, said in a statement. “The conditions in the infamous Kuje prison are simply devastating. My wife is a strong, healthy person, but there she faces an environment that can bring even the strongest people to their knees.”

Gambaryan was supposed to appear at his hearing on tax evasion charges on Wednesday, but that hearing was also postponed until June 14. He did not attend that session, Reuters reported.

Last week, Gambaryan was denied bail due to his flight risk.

“Once again, I call for the immediate release of my wife,” Gambaryan’s wife said. “This criminal punishment against Tigran has gone on long enough as part of an effort to target his employer. My wife is sick; she needs help. Please, show some humanity.”

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Starting his career at Binance in August 2021 as Binance Singapore’s CEO, Richard Teng then moved to the MENA region, then to the European region and, finally, overseen all of Binance’s regions outside of the U.S. During this process, he has focused regional teams on establishing strategic partnerships, supporting the innovation ecosystem, and expanding the crypto ecosystem.

Upon his appointment as the CEO of Binance in November 2023, Teng stated that the company’s foundations are strong and they aim for a bright future. Utilizing his extensive experience in financial services and regulation, he plans to push Binance even further by emphasizing user security and the company’s financial strength.

You may be interested in: Sam Altman Makes a Comeback!

Teng’s focus areas include:

1. Assure users that they can trust in the company’s financial strength, security, and safety.
2. Collaborate with regulators to support high standards that promote innovation globally and ensure significant consumer protections.
3. Work with partners to support the growth and adoption of Web3.

Also, the reasons behind the resignation of Binance’s former CEO Changpeng Zhao due to the Department of Justice’s sanction violations were mentioned. As a result of the investigation conducted by the U.S. Department of Justice, it was stated that a penalty of $4.3 billion was paid to resolve the charges brought against Binance and Changpeng Zhao resigned. It is also stated that Zhao will not be able to serve at Binance for 3 years.

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In a statement on Tuesday, Coinbase CEO Brian Armstrong said, “Since Coinbase was founded in 2012, we have taken a long-term view. I knew that we needed to embrace compliance to become a company that stood the test of time across generations.”

“We have obtained licenses, hired compliance and legal teams, and made it clear that our brand is about trust and adherence to rules.”

Since the founding of Coinbase back in 2012 we have taken a long-term view. I knew we needed to embrace compliance to become a generational company that stood the test of time. We got the licenses, hired the compliance and legal teams, and made it clear our brand was about trust…

— Brian Armstrong (@brian_armstrong) November 21, 2023

According to court records announced on Tuesday, Binance CEO CZ agreed to step down as part of a defense agreement with the US Department of Justice. He pleaded guilty to anti-money laundering violations and will pay a 50 million dollar fine. As a result, Coinbase moves after Binance.

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The world’s largest crypto exchange acknowledges charges of money laundering, conspiring to carry out unlicensed money transmission business, and sanctions violations.

Binance will also pay a 1.8 billion dollar fine and agree to a forfeiture order requiring it to pay an additional 2.5 billion dollars.

Coinbase CEO Armstrong’s remarks touched on the hard path of adopting a compliant approach. In his post, he said “Adopting a compliant approach is harder and more expensive. You can’t release every product customers want when it’s unlawful”

“Today’s news strongly reinforces that doing it the hard way was the right decision. We now have the opportunity to turn a new page in this sector.” He added.

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