Binance Executive Denied Bail in Nigeria Amid Money Laundering Trial
A Nigerian court has denied the bail application of Tigran Gambaryan, a detained Binance executive. The court cited concerns that he may attempt to evade trial. The spokesperson for Gambaryan’s family announced the decision on Friday, coinciding with the executive’s 40th birthday.
Key points:
- Tigran Gambaryan, Binance’s Head of Compliance, has been detained in Nigeria since February.
- Gambaryan’s lawyers objected to the amended charge, seeking time to review and advise their client.
- The arraignment, where charges are formally laid against the defendant, has been adjourned to May 22.
- Gambaryan’s wife, Yuki Gambaryan, expressed disbelief and hope for justice to prevail.
Gambaryan, along with Binance and its British-Kenyan regional manager for Africa, Nadeem Anjarwalla, are facing charges of money laundering and tax evasion in Nigeria. Anjarwalla, who was detained alongside Gambaryan in February, has since managed to escape from the country.
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Binance executive’s lawyers raised objections to the application
Gambaryan’s lawyers raised objections to the application, arguing that they required time to review the amended charge in order to properly advise their client on entering a plea. The court acknowledged their request and agreed to adjourn the matter until May 22 for the formal arraignment.
Since his detention, Gambaryan has been moved to Kuje prison, which is known to house members of the Boko Haram terrorist group. His wife, Yuki Gambaryan, expressed her disbelief at the situation, stating, “I truly cannot believe that my innocent husband is now – on his 40th birthday – having to face a trial for charges that he has nothing to do with.”
“The whole world is watching what he is being put through, and I just pray that common sense and justice will prevail and that Tigran will be allowed to come home to us.”
Nigeria’s Economic and Financial Crime Commission (EFCC) initiated the money laundering trial on Friday, calling Abdulkadir Abbas from the Nigerian SEC as the prosecution’s first witness.
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After the prosecution concluded their examination, Gambaryan’s lawyers requested a stand down to obtain certified records of certain documents as proof of evidence. The court adjourned the trial until May 23 at noon to accommodate this request.
A spokesperson for Binance expressed the company’s disappointment at Gambaryan’s continued detention. He also emphasized that he lacks decision-making power within the organization.
The spokesperson highlighted Gambaryan’s dedication to public service and fighting crime throughout his career. He also asserted that the charges against him are completely meritless. They called for his release, while discussions between Binance and Nigerian government officials continued.
