A Nigerian court has reportedly denied bail to Tigran Gambaryan, a Binance executive who has been detained in Nigeria since February, in connection with a money laundering trial.
Judge Emeka Nwet, according to local media reports, rejected Gambaryan's bail application, expressing concerns about him being a flight risk and the possibility of him escaping if granted bail.
Gambaryan, along with Binance Holdings and another executive, Nadeem Anjarwalla, who is currently evading authorities, faces charges from the Economic and Financial Crimes Commission (EFCC) related to money laundering and terrorism financing.
The prosecution, led by Ekele Iheanacho, strongly opposed Gambaryan's bail request, highlighting his recent attempts to acquire a new passport under questionable circumstances after alleging that his previous passport was stolen.
Moreover, Iheanacho pointed out that Gambaryan lacks significant ties to any community in Nigeria, suggesting that granting him bail could increase the likelihood of him absconding, similar to his colleague Anjarwalla, who escaped Nigerian custody on March 22. Both Anjarwalla and Gambaryan were detained upon their arrival in Nigeria on February 26.
The arrests followed the Nigerian government's ban on cryptocurrency channels as part of efforts to curb currency speculation. The court also ordered Binance to furnish the Nigerian government with data and information regarding Nigerian traders using its platform.
In a separate legal development, Gambaryan filed a lawsuit against the Nigerian government for allegedly violating his basic human rights. His motion contends that his detention in Nigeria and the confiscation of his passport violate the country's constitution, which guarantees an individual's right to personal liberty. The hearing of Gambaryan’s bail application at the Federal High Court in Abuja, Nigeria, has been postponed, with a rescheduled date set for April 19, while bail matters are slated to be addressed on April 22. Gambaryan has pleaded not guilty to tax evasion and money laundering charges brought by the EFCC.
Additionally, on March 5, Binance announced its decision to discontinue all trading involving the Nigerian naira, effectively exiting the Nigerian market. The exchange further disclosed that it had removed all naira trading pairs from its peer-to-peer trading platform by the end of February. In a separate legal proceeding in the United States, a federal judge sentenced former Binance CEO Changpeng Zhao, also known as "CZ," to four months in prison for contravening U.S. money laundering laws.
