Binance executive Tigran Gambaryan has been charged with money laundering in Nigeria and is currently detained.

Gambaryan has pleaded not guilty to the charges and awaits a bail hearing scheduled for April 18.

Nigeria has accused Binance of tax fraud and has initiated a case that is set to progress in the upcoming weeks.

Binance Coin's value has risen, showing a 1% increase over the past day and 21% over the past month, despite the legal issues.

Nadeem Anjarwalla, a colleague of Gambaryan, has escaped from Nigeria, prompting an international search by Interpol.

Nigeria has imposed a $10bn fine on Binance for currency speculation as part of a broader clampdown on crypto platforms.