A Nigerian court has denied bail to Tigran Gambaryan, Binance's head of crime compliance, who is one of two executives detained in the country. The court also ruled that the tax evasion charges against the Binance exchange can be served through Gambaryan.

On Friday, a Nigerian court refused bail to Tigran Gambaryan, citing concerns that he might flee if released. This decision is part of a broader legal case involving Binance and its executives, who face accusations of money laundering and tax evasion. The Nigerian court has decided that the Federal Inland Revenue Service's (FIRS) tax evasion charges can be served through Gambaryan.

Gambaryan’s legal team opposed the bail refusal, arguing that they needed to review the amended charges to advise him properly. The court adjourned the case to May 22 for arraignment, where the charges will be formally presented.

Background

Tigran Gambaryan, who celebrated his 40th birthday on the day of the bail hearing, has been detained in Nigeria since February. He was detained along with Nadeem Anjarwalla, the British-Kenyan regional manager for Africa, who has since escaped. Gambaryan’s wife, Yuki, expressed disbelief and distress over her husband’s detention and impending trial, urging for justice and his safe return.

Background Information

A month after the detentions, Binance and its executives were formally charged with money laundering and tax evasion. Gambaryan has been moved to Kuje prison, known for housing members of the Boko Haram terrorist group.

The Economic and Financial Crime Commission (EFCC) began its money laundering trial on Friday, with Abdulkadir Abbas from the Nigerian SEC as the first prosecution witness. After the prosecution's examination, Gambaryan’s lawyers requested a brief pause to obtain certified records for their cross-examination. The court adjourned the trial until May 23 at noon.

Binance expressed disappointment over Gambaryan’s continued detention, emphasizing his dedication to public service and crime fighting. They asserted that the charges are baseless and called for his release to facilitate discussions between Binance and the Nigerian government. Binance’s CEO Richard Teng also urged the Nigerian government to release Gambaryan in a recent blog post.

Conclusion

The ongoing legal battle highlights significant tensions between Binance and Nigerian authorities, as the exchange and its executives face serious allegations. The upcoming court dates will be crucial in determining the future of Tigran Gambaryan and the resolution of these charges.

Wrap-up Analysis