• 26 May, 2024

Binance Exec Remains in Jail as Bail Hearing Delayed Again

A Nigerian Federal High Court in Abuja has postponed, for the second time, the bail hearing for Tigran Gambaryan, a Binance executive currently held on money laundering charges. This delay comes amidst ongoing legal battles between the cryptocurrency exchange and Nigerian authorities.

Gambaryan was arrested in February 2024 alongside another Binance executive, Nadeem Anjarwalla, who has since escaped custody. Nigerian authorities accuse Binance of concealing the origins of millions of dollars in revenue generated within the country and violating foreign exchange regulations. 

Binance has vehemently denied these charges. A Binance spokesman, Brad Jaffe, stated the company had “great respect” for the Nigerian government and remained engaged in “good faith discussions at all levels.”

Gambaryan’s lawyer, Mark Mordi, recently submitted a new affidavit to the court in support of his client’s bail application. This affidavit reportedly raises fresh arguments against the charges. The prosecution, represented by E. Iheanacho, requested an adjournment to adequately respond to these new points.

Mordi criticized the prosecution for failing to promptly respond to the revised bail application and emphasized Gambaryan’s detention exceeding two weeks. He has also filed a separate lawsuit against the Nigerian government, claiming a violation of his client’s fundamental right to liberty.

The court presided over by Justice Emeka Nwite, has rescheduled the bail hearing for April 22. The outcome of this hearing will determine whether Gambaryan remains incarcerated or is released on bail while the legal proceedings continue.

This ongoing saga reflects the growing tensions between cryptocurrency companies and regulatory bodies in Nigeria. The Nigerian government has previously banned cryptocurrency channels in an attempt to curb currency speculation. The resolution of this case will be closely watched by the global cryptocurrency community, with implications for the future of digital assets in Nigeria.

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