Tigran Gambaryan, an executive at Binance, has been held in detention in Nigeria since February in connection with a money laundering trial. Reports indicate that a Nigerian court has denied his request for bail. Judge Emeka Nwite, presiding over the case, cited concerns about Gambaryan being a flight risk, suggesting he might flee if released on bail.
Gambaryan, along with Binance Holdings and another senior executive, Nadeem Anjarwalla, who is currently evading authorities, face charges from the Economic and Financial Crimes Commission (EFCC) related to money laundering and alleged involvement in financing terrorism.
During the bail hearing, the prosecution, led by Ekele Iheanacho, strongly opposed Gambaryan’s application, pointing out his recent attempt to acquire a new passport under questionable circumstances after claiming his previous one was stolen. Additionally, Iheanacho argued that Gambaryan lacks significant ties to any community in Nigeria and highlighted the risk of him absconding, similar to his colleague Anjarwalla, who escaped custody on March 22.
Anjarwalla and Gambaryan were detained upon their arrival in Nigeria on February 26. This action followed the government’s prohibition of cryptocurrency channels, aimed at reducing currency speculation. A court order required Binance to provide the Nigerian government with information on Nigerian traders using its platform.
In response, Gambaryan filed a lawsuit against the Nigerian government, alleging a violation of his fundamental human rights. He contends that his detention in Nigeria and the seizure of his passport are contrary to the country’s constitution, which safeguards an individual’s right to personal freedom.
The Federal High Court in Abuja, Nigeria, had previously rescheduled the bail application hearing for Gambaryan, who is currently held at the Kuje Correctional Center.
Gambaryan was slated to appear in court again on April 19 after an initial postponement, with the bail matter set to be addressed on April 22. He maintains his innocence against tax evasion and money laundering charges brought by the EFCC.
On March 5, Binance announced its decision to halt all Nigerian naira transactions, effectively withdrawing from the market. Additionally, Binance’s peer-to-peer trading platform removed all naira trading pairs in late February.
In a separate legal matter in the United States, a federal judge sentenced former Binance CEO Changpeng “CZ” Zhao to four months’ imprisonment for breaching U.S. money laundering laws.
Read More: More than a million new crypto tokens have emerged since April
Disclaimer:
This content is AI-generated using IFTTT AI Content Creator. While we strive for accuracy, it’s a tool for rapid updates. We’re committed to filtering information, not reproducing or endorsing misinformation. – Jomotoday for more information visit privacy policy
Leave a Comment