Binance Executive Denied Bail in Nigeria

A Nigerian court has refused bail to Tigran Gambaryan, a Binance executive, according to a family spokesperson. The court postponed the trials against Binance and Gambaryan until May 22 and May 23. The court denied bail over concerns that Gambaryan might flee despite assurances that he lacks a passport. The court's worry increased after his colleague, Nadeem Anjarwalla, escaped detention earlier this year.

Gambaryan's wife, Yuki Gambaryan, expressed her disbelief: “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.”

The court claimed that detaining Gambaryan would expedite his trial, and he remains in custody at Kuje Correctional Facility. Gambaryan also faced other charges on Friday, including tax evasion against both Binance and Gambaryan. The court adjourned this case until May 22 for arraignment after prosecutors amended the charges.

The money laundering case was adjourned until May 23, after Gambaryan's lawyers requested more time. Abdulkadir Abbas from the Nigerian Securities and Exchange Commission testified and will be cross-examined next week.

A Binance spokesperson expressed disappointment: “Tigran Gambaryan, who has no decision-making power in the company, continues to be detained. Tigran has been dedicated to public service and fighting crime for most of his life. These charges against him are completely meritless. He should be freed while discussions continue between Binance and Nigerian government officials.”

Earlier this year, Binance faced scrutiny from Nigerian authorities. Gambaryan and Anjarwalla traveled to Nigeria for meetings and were detained. Binance subsequently stopped supporting the Nigerian naira. Interpol Africa’s Garba Umar said the agency prepared paperwork for Anjarwalla, but a red notice alerting law enforcement about the individual has not been filed.

The Gambaryan case has drawn significant attention. The court's decision to deny bail and speed up the trial underscores the complexities and stakes involved in Binance's legal issues. The upcoming hearings on May 22 and May 23 will be critical for these cases.

Binance and Gambaryan face serious allegations, including tax evasion and money laundering, intensifying the legal challenges. The company and its executives are striving to clear their names and ensure fair treatment. This situation has garnered international attention, with the crypto community and others watching closely. Gambaryan's detention and Binance's legal issues highlight the regulatory and legal challenges that cryptocurrency companies face globally.

As the trial dates near, the defense strategies of Gambaryan's lawyers will be crucial. The involvement of prominent entities emphasizes the importance of these proceedings for the global crypto industry. In summary, the denial of bail for Tigran Gambaryan and the adjourned trials mark significant developments for Binance. The upcoming court sessions will be pivotal in shaping the future of these cases and their impact on the cryptocurrency sector.