Justice Emeka Nwite of the Federal High Court in Abuja has refused to grant bail to Tigran Gambaryan, an executive of Binance Holdings Limited, on the grounds that he is likely to jump bail.
Gambaryan and Binance were arraigned on a five-count charge of money laundering. The defendants pleaded not guilty.
Defense counsel Mark Mordi argued for bail, suggesting the court could impose conditions to ensure Gambaryan’s presence.
However, prosecution counsel Ekele Iheanacho opposed the bail, citing Gambaryan as a flight risk. Iheanacho noted Gambaryan’s attempt to obtain a new passport, his dual citizenship (American and Armenian), and the recent escape of his colleague Nadeem Anjarwalla from custody.
Judge’s Ruling
Delivering ruling, the judge said several factors including the nature of offence and its severity must be considered when trying to decide whether or not bail should be granted to the defendant applicant.
Justice Nwite agreed with the depositions made by prosecution and was of the view that the applicant will jump bail if bail is granted to him.
He subsequently ordered that the trial be given an accelerated hearing.
After the ruling, the EFCC called its first witness, a staff member from the Securities and Exchange Commission.
The Nigerian government has recently intensified its crackdown on Binance, charging the company and its executives with tax evasion, currency speculation, and money laundering involving $35.4 million.
The Central Bank of Nigeria (CBN) claimed over $26 billion had been funneled through Binance without a trace.
Recall that, Nadeem Anjarwalla, Binance Africa’s former Regional Manager, escaped custody in March. He was traced to Kenya and reportedly arrested by Kenyan authorities.
Anjarwalla, a British and Kenyan citizen, faces similar charges of tax evasion and money laundering in Nigeria.
The Nigerian government’s crackdown on Binance is part of a broader effort to regulate cryptocurrency activities and strengthen the naira.
CBN Governor Yemi Cardoso highlighted the significant financial flows through Binance as a key concern.
