Justice Emeka Nwite of the Federal High Court in Abuja has refused to grant bail to Binance executive Tigran Gambaryan. Gambarian and Binance are accused of money laundering and tax violations in Nigeria.
According to Friday’s ruling, Nwite agreed with prosecutors’ contention that Gambarian posed a flight risk, according to Nigerian news outlet The Nation. The judge reportedly said in his ruling that several factors, including the nature and seriousness of the crime, must be taken into account when deciding whether to grant bail to a defendant.
Binance executive in Nigerian money laundering trial
The trial of Binance’s financial crimes compliance chief on $35 million money laundering charges began on Friday.
Gambarian has been imprisoned in Nigeria since arriving there in late February. He entered the country to discuss the operation of a cryptocurrency exchange with the government.
Nigeria’s Economic and Financial Crimes Commission is prosecuting money laundering cases, and Nigeria’s tax authority, the Federal Inland Revenue Service, is handling tax violations. Gambarian pleaded not guilty to money laundering charges on April 8.
Commenting on the latest developments, a Binance spokesperson told The Block, “We are extremely disappointed by the continued detention of Tigran Gambaryan, who has no decision-making authority in the company. Tigran has been in custody for most of the time. “I have been dedicated to public service and fighting crime,” he said. The charges against him are completely without merit. He should be released while discussions continue between Binance and Nigerian government officials.”
Binance CEO urges launch of Gambarian
Binance CEO Richard Teng has publicly responded to Gambarian’s continued detention, insisting that the cryptocurrency exchange’s compliance officer is “innocent and should be released.”
Gambaryan, a U.S. citizen who oversees financial crime compliance at cryptocurrency exchanges, and Nadeem Anjarwalla, Binance’s regional manager for Africa, were detained on February 26 after arriving in the Nigerian capital, Abuja. They were criminally indicted on charges of tax evasion and money laundering on February 28. Anjarwala later escaped detention on March 22.
“Inviting the company’s mid-level employees to joint policy meetings but then detaining them sets a dangerous new precedent for all companies around the world,” Teng wrote in a blog post earlier this month.
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