Court denies Gambaryan’s request to be released from Kuje prison, upholding Binance’s decision

Binance Executive Denied Bail in Money Laundering Case

The Federal High Court in Abuja has dismissed the bail application of Tigran Gambaryan, a detained Binance executive, following opposition from the Federal Government. Gambaryan’s lawyer had sought bail for his client, who is facing money laundering charges from the EFCC. The court ruled against the bail application, citing concerns about the defendant’s potential flight risk.

EFCC’s Opposition to Bail

The EFCC argued against granting bail to Gambaryan, stating that he has no ties to the Nigerian community and attempted to apply for a new US passport despite his Nigerian passport being seized. The EFCC recommended keeping the defendant in custody until the end of the trial, citing concerns about his potential to flee.

Judge’s Decision

Justice Nwite ruled against granting bail to Gambaryan, noting that defendants facing serious criminal charges are entitled to bail unless there is evidence of interference with the trial. The judge highlighted the allegations against Binance and its executives, including foreign exchange contravention and tax evasion. Nwite expressed concerns about the defendant’s potential flight risk and denied the bail application.

Background on the Case

Binance and its executives are facing multiple legal challenges in Nigeria, including suits from the FIRS and EFCC. The executives have also filed a fundamental rights case against the Nigerian government, alleging violations of their constitutional rights. The detention of the Binance executives came after the Nigerian government banned cryptocurrency channels, leading to a significant devaluation of the Naira.

Overall, the case highlights the complexities of international financial crimes and the challenges of regulating cryptocurrency transactions in Nigeria. The denial of bail for Gambaryan underscores the seriousness of the charges against him and the government’s determination to prosecute those involved in money laundering activities.

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