Court Denies Bail to Binance Executive in Money Laundering Case
A Federal High Court in Abuja has rejected the bail application of Tigran Gambaryan, an executive of the cryptocurrency firm Binance Holdings Limited, who is facing charges of money laundering and terrorism financing. The presiding judge, Justice Emeka Nwite, ruled that there was a substantial risk of Gambaryan absconding if released on bail, especially given the fact that his co-defendant, Nadeem Anjarwalla, is currently evading police.
The Economic and Financial Crimes Commission (EFCC) has accused Binance Holdings Limited and its executives, including Gambaryan and Anjarwalla, of conspiring to hide the origins of approximately $35,400,000, which they allege are the proceeds of unlawful activities in Nigeria. The defendants have pleaded not guilty to the charges.
Despite the dismissal of the bail application, Justice Nwite has ordered an accelerated hearing of the trial. The decision comes amid scrutiny of the activities of cryptocurrency firms in Nigeria and claims that Binance has no physical presence in the country. Binance has contested the allegations, maintaining that the charges are without merit. The case continues to draw attention as it proceeds through the Nigerian legal system.
