Key Takeaways
- The court has rescheduled the hearing for April 22
- Gambaryan’s lawyer, Mark Mordi, stated that his client has been held in federal government custody for more than 14 days.
Binance executive Tigran Gambaryan remains behind bars in Nigeria after a court postponed his bail hearing for yet another month.
Gambaryan’s legal battle began in February 2024 when he was arrested by Nigerian authorities on money laundering charges. The Economic and Financial Crimes Commission (EFCC) accuses Gambaryan and Binance of illegally moving $35.4 million. Gambaryan has pleaded not guilty.
An initial bail hearing scheduled for April 18th was pushed back to April 22nd. This latest delay came at the request of the EFCC, who argued they needed more time to respond to a new affidavit submitted by Gambaryan’s lawyer.
In response to the delay, Gambaryan’s lawyer, Mark Mordi, noted that his client has been held in federal government custody for more than 14 days.”The prosecution has failed to respond to the new affidavit in a timely manner,” said Mordi.
The judge, Justice Emeka Nwite, agreed to postpone the hearing until May 22nd. This means Gambaryan will remain in the Kuje correctional facility for at least another month.
The legal troubles for Binance in Nigeria go beyond Gambaryan’s arrest. The Federal Inland Revenue Service (FIRS) has also filed a separate lawsuit against the company, accusing them of tax evasion.
The charges include allegations of non-payment of Value-Added Tax , Company Income Tax, failure to file tax returns, and further complicity in aiding customers to evade taxes through its platform. The Nigerian government alleges Binance failed to register with the FIRS and operated outside the country’s tax laws.
In a surprising turn of events, Gambaryan is also suing the Nigerian government. He claims his arrest and detention violate his fundamental human rights. The lawsuit argues that Gambaryan’s detainment and passport confiscation are unconstitutional.
“The government is using my detention to pressure Binance,” Gambaryan’s lawsuit alleges.
Anjarwalla, who was also charged alongside Gambaryan, remains at large after reportedly using a fake passport to escape custody.The arrest of Gambaryan and his colleague Nadeem Anjarwalla came amidst a wider crackdown on cryptocurrency activity in Nigeria. In February 2023, the Central Bank of Nigeria (CBN) directed banks to halt all cryptocurrency transactions. Despite this Nigerians are becoming increasingly receptive towards crypto. As per Chainalysis, Nigeria has the second-highest rate of crypto adoption in the world behind India.
