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Home»TRADING NEWS»Binance Executive’s Bail Appeal Failed Again Amid Ongoing Legal Battle in Nigeria
TRADING NEWS

Binance Executive’s Bail Appeal Failed Again Amid Ongoing Legal Battle in Nigeria

By Crypto FlexsApril 23, 20242 Mins Read
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Binance Executive’s Bail Appeal Failed Again Amid Ongoing Legal Battle in Nigeria
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Tigran Gambaryan’s detention continues as court postpones hearing

Binance executive Tigran Gambaryan remains detained at Nigeria’s Kuje Correctional Center after his bail appeal was postponed again. The Federal High Court in Abuja, which was originally scheduled to hear the bail application on April 18, rescheduled it for April 22. Local news agency Nairametrics reported the situation.

Details of court proceedings

During the trial, the Economic and Financial Crimes Commission (EFCC) suggested that it needed more time to respond to new points raised in a supplementary affidavit submitted by Gambarian’s lawyers on April 16. Senior Attorney E. Iheanacho emphasized the importance of a thorough response. To ensure justice. Justice Emeka Nwite then agreed to an adjournment.

Gambarian’s lawyer, Mark Mordi, expressed frustration that prosecutors did not respond in a timely manner to the new affidavit. He criticized the judicial delays, noting that his client had already been in federal custody for more than 14 days.

Allegations and Legal Issues Facing Binance Executives

The trial judge initially remanded Gambarian after he pleaded not guilty to money laundering charges brought by the EFCC. The agency accused Gambaryan, along with Binance and Nadeem Anjarwalla, of concealing the source of $35.4 million in revenue generated in Nigeria and claiming it was the proceeds of illegal activities. In response, Mordi asked for bail on lenient terms for his client.

Binance and its management are currently facing two lawsuits in Nigeria: one by the Federal Internal Revenue Service (FIRS) related to tax evasion, and the other by the EFCC related to alleged money laundering and foreign exchange violations.

Tigran Gambaryan leaves the court after his bail was postponed at the Federal High Court in Abuja, Nigeria, April 18. Source: Nairametrics

Human rights litigation and situational challenges

In addition to criminal charges, Gambarian also filed a lawsuit against the Nigerian government for violating his basic human rights. His application argues that his detention and confiscation of his passport violates the Nigerian Constitution, which protects personal liberty.

The background to these legal challenges includes the Nigerian government’s ban on cryptocurrency channels in an effort to curb currency speculation. This policy context further complicates the case, especially after the dramatic escape of another Binance senior executive, Nadeem Anjarwalla, using a fake passport.

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