Binance exec remains in jail as bail appeal fails again

The Federal High Court in Abuja has delayed considering the bail request a second time for Tigran Gambaryan, an executive with Binance, who continues to be detained at Kuje correctional facility.

The hearing, originally scheduled for April 18, has been changed to April 22 based on reports from local news source Nairametrics.

The bail application hearing for the case, which was originally scheduled for April 18 but previously postponed, has now been rescheduled to take place on April 22, according to reports from Nairametrics.

At the hearing, the Economic and Financial Crimes Commission (EFCC) informed the court that Gambaryan’s attorney filed an extra affidavit in support of his bail request on the 16th of April.

Lawyer E. Iheanacho brought up fresh arguments from the defense team, necessitating careful consideration before responding in the quest for fairness and truth.

Justice Emeka Nwite, who was presiding over the case, decided to delay the hearing. But Mark Mordi, representing Gambaryan, pointed out that his client had been detained by the federal government for more than two weeks.

The prosecution neglected to provide a rebuttal after he added an affidavit to his bail request.

Binance exec remains in jail as bail appeal fails again

The judge postponed the hearing for a Binance executive who denied money laundering accusations from the Economic and Financial Crimes Commission (EFCC). The EFCC claimed that Binance, Gambaryan, and Nadeem Anjarwalla had hidden the origin of $35.4 million earned in Nigeria, asserting it was derived from illegal activities.

After the court approved the EFCC’s charging of the defendants, Mordi asked the judge for a generous bail arrangement for his client.

The court granted the Economic and Financial Crimes Commission (EFCC) the authority to detain Binance’s executives for a fortnight, while also mandating Binance to grant the government access to information regarding Nigerian users on their platform.

Two separate legal issues are being addressed by Binance and its top brass: one allegation from the Federal Inland Revenue Service (FIRS) concerning tax offenses, and another from the Economic and Financial Crimes Commission (EFCC) involving money laundering charges and infringements on foreign exchange regulations.

Tigran Gambaryan is filing a lawsuit against the government in addition to his ongoing case. His complaint alleges that his arrest in Nigeria and seizure of his passport infringed upon his constitutional right to freedom.

On February 28, Nigerian authorities apprehended Nadeem Anjarwalla, a 37-year-old British-Kenyan managing Binance’s African operations, and Gambaryan, a 39-year-old American executive, while they were in Nigeria.

After the federal government prohibited cryptocurrency platforms as part of an effort to control currency speculation, an arrest ensued. Nevertheless, Nadeem Anjarwalla managed to evade capture by utilizing a counterfeit passport.

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2024-04-19 10:56