Binance executive denied bail in Nigerian money laundering case

A
Federal
High
Court
in
Abuja
has
denied
bail
to
Tigran
Gambaryan,
a
Binance
executive,
who
faces
charges
of
money
laundering
and
tax
violations
in
Nigeria.

Justice
Emeka
Nwite

ruled
against
granting
Gambaryan
bail
on
Friday,
citing
the
executive’s
potential
flight
risk
and
the
severity
of
the
allegations.

Gambaryan,
head
of
financial
crime
compliance
at

Binance,
was

arrested
in
February
shortly
after
arriving
in
Nigeria
to
discuss
the
crypto
exchange’s
operations
with
government
officials.
The
Nigerian
Economic
and
Financial
Crimes
Commission
is
prosecuting
the
$35
million
money
laundering
case,
while
the
Federal
Inland
Revenue
Service
is
overseeing
tax
violation
charges.

Court’s
rationale
for
denial

During
the
hearing,
the
judge
emphasized
that
the
nature
of
the
offenses
necessitated
a
cautious
approach
to
bail
considerations.
Gambaryan
has

pleaded
not
guilty
to
the
charges,
which
were
formally
presented
against
him
on
April
8.

“We
are
deeply
disappointed
that
Tigran
Gambaryan,
who
has
no
decision-making
power
in
the
company,
continues
to
be
detained.
Tigran
has
been
dedicated
to
public
service
and
fighting
crime
for
most
of
his
life.
These
charges
against
him
are
completely
meritless.
He
should
be
freed
while
discussions
continue
between
Binance
and
Nigerian
government
officials,”
a
Binance
spokesperson
told
crypto.news,
expressing
the
company’s
frustration
in
response
to
the
court’s
decision.

Binance
CEO
Richard
Teng
has
also
voiced
his
concerns,

advocating
for
Gambaryan’s
release
and
criticizing
the
circumstances
of
his
detention.

“To
invite
a
company’s
mid-level
employees
for
collaborative
policy
meetings,
only
to
detain
them,
has
set
a
dangerous
new
precedent
for
all
companies
worldwide,”
Teng
highlighted
in
a
recent

blog
post,
emphasizing
the
troubling
precedent
set
by
the
arrest.

The
trial
continues
as
international
attention
grows,
focusing
not
only
on
the
specifics
of
the
charges
but
also
on
the
broader
implications
for
foreign
businesses
operating
in
Nigeria.