Binance Exec Tigran Denied Bail in Nigeria Over Money Laundering Charges

In a recent legal showdown in Nigeria, Justice Emeka Nwite of the Federal High Court in Abuja made a firm decision, refusing bail to Tigran Gambaryan, an executive linked to the cryptocurrency giant Binance. Gambaryan faces serious accusations, including money laundering and tax violations within Nigeria.

Here’s a deep dive into the pressing issue.

A High-Stakes Legal Battle

The courtroom drama unfolded during a recent hearing, where Justice Nwite, echoing the concerns of the prosecution, deemed Gambaryan a flight risk. Lead prosecutor Ekele Iheanacho highlighted the seriousness of the charges, stressing Gambaryan’s potential to evade justice.

Notably, this ruling follows the reported flight of Gambaryan’s co-defendant, Nadeem Anjarwalla, Binance’s Regional Manager for Africa, adding intensity to the legal proceedings.

The Allegations: A Closer Look

At the core of the matter are allegations brought forth by Nigeria’s Economic and Financial Crimes Commission (EFCC). Gambaryan, Anjarwalla, and Binance itself stand accused of laundering a substantial $35.4 million allegedly acquired through illicit means within Nigeria.

These charges carry significant weight, aligning with strict provisions outlined in the Money Laundering (Prevention and Prohibition) Act of 2022.

A Tug-of-War in the Courtroom

Iheanacho firmly argued against granting bail, citing Gambaryan’s lack of community ties in Nigeria and the absence of a reliable local surety. He also revealed that Gambaryan had attempted to get a new U.S. passport after his international passport was seized by Nigerian authorities, indicating a possible preparation to run.

Gambaryan’s legal team, led by Mordi, countered these assertions, emphasizing his clean bail record and dismissing any suggestions of flight risk. However, Justice Nwite remained unconvinced, citing exceptions to bail entitlements for defendants facing serious charges with the potential to disrupt legal proceedings.

The Verdict: Bail Denied

Ultimately, Justice Nwite rejected Gambaryan’s bail plea, supporting the EFCC’s recommendation to keep him in custody until the conclusion of the trial.

With a trial on the horizon, the case of Binance and its executives in Nigeria is far from over. Will Binance be found guilty? What will the fate be for Gambaryan and Anjarwalla? Keep an eye out for further developments.

Also Read: Crypto Regulation In Nigeria 2024