Court Denies Binance Executive Bail
Justice Emeka Nwite of the Federal High Court in Abuja has denied bail to Tigran Gambaryan, an executive of Binance Holdings Limited.
Justice Nwite determined that Gambaryan poses a significant flight risk.
Gambaryan and his company are facing a five-count indictment related to money laundering before Justice Nwite.
The defendants entered not-guilty pleas. Defense Counsel, Mark Mordi, argued for bail, asserting that the court could impose conditions to ensure Gambaryan’s appearance at trial.
However, Prosecution Counsel, Ekele Iheanacho, opposed the bail request, citing Gambaryan’s attempt to obtain a new passport under suspicious circumstances and his potential to flee, especially as he holds both American and Armenian citizenship.
Iheanacho noted that Gambaryan’s colleague had recently escaped custody and emphasized that Gambaryan lacks ties to any Nigerian community.
He recommended that Gambaryan be remanded in EFCC custody for his safety and to prevent his escape.
In his ruling, Justice Nwite considered factors such as the severity of the charges and agreed with the prosecution’s assessment of flight risk.
He denied the bail application and ordered an accelerated trial.
Following the ruling, the EFCC presented its first witness, an employee of the Securities and Exchange Commission.
The Federal Government initiated criminal proceedings against Binance on March 25, 2024, over non-payment of Value-Added Tax (VAT), Company Income Tax, failure to file tax returns, and complicity in aiding customers to evade taxes through its platform.
Binance, amidst the crisis, chose to discontinue its services associated with the Nigerian naira (NGN) following the federal government’s crackdown on global crypto exchanges.
By Oluwaseyi Ajibade
