Key takeaways:
- A Nigerian court has reportedly denied bail to Tigran Gambaryan, a Binance executive held in Nigeria since February.
- Gambaryan, however, also filed a lawsuit against the Nigerian government, alleging that it had violated his fundamental human rights.
In a money laundering prosecution, a Nigerian court has reportedly denied bail to Tigran Gambaryan, a Binance executive held in Nigeria since February.
Judge Emeka Nwite dismissed the bail request, citing his belief that Gambaryan constituted a flight risk and would probably abscond if granted bail, according to a report in the local media.
The Economic and Financial Crimes Commission (EFCC) has charged Gambaryan, Binance Holdings, and another senior executive, Nadeem Anjarwalla, who is presently at large with money laundering and supporting terrorism.
Ekele Iheanacho, the prosecution’s lead attorney, vehemently opposed the bail request and emphasized that Gambaryan had recently made an improbable attempt to obtain a new passport after alleging his old one had been stolen.
Iheanacho added that there are no noteworthy connections between Gambaryans and any community in Nigeria. If granted bail, Iheanacho asserted, he would be more likely to flee the country than his colleague Anjarwalla, who fled from a Nigerian jail on March 22.
On February 26, Anjarwalla and Gambaryan arrived in Nigeria and were arrested. The federal government outlawed cryptocurrency channels to stop currency speculation, which led to the arrest.
The court ordered the Nigerian government to receive data and information about Nigerian merchants who use Binance’s platform.
Gambaryan, however, also filed a lawsuit against the Nigerian government, alleging that it had violated his fundamental human rights. According to Gambaryan’s motion, the country’s constitution, which upholds everyone’s right to personal liberty, is violated by his arrest in Nigeria and the seizure of his passport.
The Federal High Court in Abuja, Nigeria, had already rescheduled Gambaryan’s bail application hearing. Gambaryan is presently being held at the Kuje detention facility.
Gambaryan’s court appearance was initially postponed to April 19, and the bail issue was scheduled to be discussed on April 22. He entered a not-guilty plea to the EFCC’s allegations of tax evasion and money laundering.
Effectively pulling out of the market, Binance declared on March 5 that it would stop processing transactions in Nigerian naira. Binance added that all naira trading pairs were removed from its peer-to-peer trading platform by the end of February.
Former Binance CEO Changpeng “CZ” Zhao was sentenced to four months in jail by a federal judge in a separate case in the United States for breaking money laundering regulations.
