Binance Executive Now Stuck In Nigeria Because Court Denied Bail

Key Points:

• The Federal High Court in Abuja has denied bail to Tigran Gambaryan, a senior Binance executive, due to concerns he may flee.
• Gambaryan and Binance face charges of money laundering and tax violations, with the court highlighting the severity of these allegations in its decision.
• The Economic and Financial Crimes Commission has begun presenting its case against Gambaryan, with the trial ordered to proceed swiftly.

According to local news, the Federal High Court in Abuja has denied bail to Tigran Gambaryan, a senior executive at Binance Holdings Limited, amid charges of money laundering and tax violations.

Court Denies Bail to Binance Executive Amid Serious Charges

Justice Emeka Nwite ruled on Friday that the Binance executive posed a significant flight risk, referencing the recent escape of his colleague, Nadeem Anjarwalla, from pre-trial custody in March.

During the hearing, defense counsel Mark Mordi argued for bail, suggesting the court could impose conditions to ensure Gambaryan’s attendance at trial. However, prosecution counsel Ekele Iheanacho countered, emphasizing the defendant’s attempt to obtain a new passport shortly after Anjarwalla’s escape as evidence of his flight risk. Justice Nwite concurred, noting the severity of the charges and the potential for Gambaryan to evade trial if released.

“I am of the view that the applicant will jump bail if granted,” stated Justice Nwite before ordering an expedited trial process. Following the ruling, the Economic and Financial Crimes Commission (EFCC) commenced its case by calling a Securities and Exchange Commission staff member as the first witness.

EFCC Begins Expedited Trial Against Tigran Gambaryan

The charges against the Binance executive and the exchange stem from alleged financial misconduct. On March 28, the EFCC formally accused Gambaryan, Anjarwalla, and Binance of engaging in illegal activities. While Gambaryan has pleaded not guilty to all five counts, Anjarwalla remains at large, complicating the judicial proceedings.

The court’s decision underscores the gravity with which it views the allegations, particularly in light of Anjarwalla’s escape, which has heightened concerns about the defendants’ willingness to comply with judicial processes.