Binance executive has been denied bail by a federal high court in Abuja, reflecting heightened concerns over potential flight risks amidst ongoing legal proceedings.
Tigran Gambaryan, an executive at Binance Holdings Limited, a prominent cryptocurrency firm, faced the denial from Presiding Judge Emeka Nwite, who expressed apprehensions about the likelihood of Gambaryan absconding if released.
The denial stems from Gambaryan and the company facing a five-count charge related to money laundering.
Despite pleading not guilty, Gambaryan’s defense moved for bail, arguing that the court had the authority to grant it under certain conditions to ensure his attendance during trial.
However, the prosecution countered this motion, highlighting Gambaryan’s recent attempt to secure a new passport following his claim that his previous one was stolen.
This, coupled with concerns over his colleague’s recent escape from custody, raised significant doubts regarding Gambaryan’s potential flight risk.
Judge Nwite, considering these factors, sided with the prosecution’s arguments, concluding that granting bail could pose a substantial risk of Gambaryan absconding.
Consequently, the court ruled against bail and emphasized the need for an expedited trial process.
Following the decision, the Economic and Financial Crimes Commission (EFCC) proceeded with its case, calling its first witness, a staff member from the Securities and Exchange Commission (SEC).
The situation unfolded after Gambaryan and Nadeem Anjarwalla, Binance’s regional manager for Africa, were detained by Nigerian authorities on February 28.
Despite Anjarwalla managing to escape custody, Gambaryan and Binance now face charges of tax evasion and money laundering, with their legal battle continuing under heightened scrutiny and legal constraints.
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