Binance Exec Denied Bail in Nigeria Laundering Case

Tigran Gambaryan, an executive from Binance, has been held in custody in Nigeria since February, and a recent decision by the Nigerian Federal High Court has resulted in the denial of his bail application. The court, presided over by Justice Emeka Nwite, ruled that Gambaryan could potentially flee if released, deeming him a flight risk. This decision stems from accusations against Gambaryan, Binance Holdings Limited, and another high-ranking executive, Nadeem Anjarwalla, who remains at large. They face severe allegations from Nigeria’s Economic and Financial Crimes Commission (EFCC) for purported involvement in money laundering and terrorism financing.

The prosecution, led by Ekele Iheanacho, presented a strong objection to the bail plea. They noted a suspicious attempt by Gambaryan to acquire a new passport, under dubious circumstances, citing a claim that his previous passport was stolen. This incident was interpreted as an indication of his willingness to escape. Iheanacho emphasized Gambaryan’s lack of substantial connections within any Nigerian community, arguing that, if granted bail, he would be likely to abscond, much like his colleague Anjarwalla, who managed to evade Nigerian authorities on March 22.

The arrests of Gambaryan and Anjarwalla occurred upon their arrival in Nigeria on February 26. This coincided with a federal government crackdown on cryptocurrency channels, aimed at controlling currency speculation. In light of these developments, the court has instructed Binance to provide the Nigerian government with data and details regarding Nigerian traders utilizing its platform.

In addition to his legal battles, Gambaryan is pursuing a lawsuit against the Nigerian government, alleging violations of his fundamental human rights. He argues that his detention and the confiscation of his passport contravene Nigeria’s constitution, which safeguards the right to personal liberty.

Earlier, the Federal High Court in Abuja had postponed the bail hearing for Gambaryan, who is currently held at the Kuje correctional center. The court scheduled him to return on April 19, with the bail discussion slated for April 22. Gambaryan has pleaded not guilty to the charges of tax evasion and money laundering filed by the EFCC, and his trial is set to begin on May 2.

Compounding the legal complexities for Binance in Nigeria, the company announced on March 5 that it would cease all transactions involving the Nigerian naira, signaling its exit from the Nigerian market. This announcement followed the delisting of all naira trading pairs from their peer-to-peer trading platform in late February.

Parallel to the issues in Nigeria, Binance is also facing legal challenges in the United States. In a separate case, former Binance CEO, Changpeng “CZ” Zhao, has been sentenced to four months in prison by a federal judge for violating U.S. money laundering regulations.

The unfolding legal drama in Nigeria illustrates the heightened scrutiny and regulatory pressures that Binance and its executives are encountering globally. The implications of these cases extend beyond the individual defendants, potentially impacting the operations and reputation of Binance in various jurisdictions.

Pieter Kellerman

Pieter Kellerman

18 thoughts on “Binance Exec Denied Bail in Nigeria Laundering Case

  1. Binance is under so much pressure, but they have the resilience to come through! Praying for a fair trial for Gambaryan!

  2. I have zero sympathy for these guys. Money laundering and terrorism financing are serious charges! Not surprised the court denied bail.

  3. The crackdown on Binance by Nigerian authorities is intense. Forward to seeing how this all pans out! ⚖️🔎

  4. If Gambaryan really cared about proving his innocence, looks like he wouldn’t be trying shady maneuvers. The court made the right call.

  5. Gambaryan’s claim about his fundamental human rights being violated doesn’t hold water for me. If he’s innocent, why the sneaky behavior with the passport? 🤔

  6. How did Gambaryan think he could get away with acquiring a new passport so easily? Such desperate moves make him look more guilty. 🤦‍♂️

  7. This case highlights the bigger picture of cryptocurrency regulations worldwide! Fascinating times! 🌐💡

  8. With all these legal issues, who would still trust Binance with their money? 🧐 They need a complete overhaul.

  9. Honestly, it seems like Binance’s executives can’t keep themselves out of trouble. First the US and now Nigeria? It’s disgraceful.

  10. Justice Emeka Nwites ruling shows how serious these allegations are. Praying for justice for all involved.

  11. This situation casts a dark shadow on Binances entire operation. The denial of bail is a clear sign that the Nigerian authorities won’t tolerate this.

  12. The Nigerian courts are really stepping up their game in finance law enforcement. Major props to them!

  13. Binances executive situation is a rollercoaster! Challenging times ahead, but I believe in due process. Keep your heads up!

  14. Incredible to see how one decision can impact global operations. Hoping for clarity and justice soon. 🌍📜

  15. Its pretty telling when a judge deems someone a flight risk. Gambaryans actions speak louder than his words. Sounds like he’s more interested in running away than proving his innocence.

  16. Amidst all this legal drama, the resilience of executives like Gambaryan is inspiring! Heres hoping for a fair outcome!

  17. The crackdown on cryptocurrency channels is massive news! This whole situation is like a thriller. Can’t wait for more updates!

  18. So many layers to this story! Nigerian authorities are clearly serious about economic crimes. 📖🔍

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