A Federal High Court in Abuja, Nigeria, has denied the bail application of Binance executive Tigran Gambaryan. Presiding judge, Justice Emeka Nwite, ruled that Gambaryan posed a flight risk, echoing the concerns raised by counsel to the Economic and Financial Crimes Commission (EFCC).
Binance Executive Denied Bail Over Flight Risk
Counsel to the EFCC, the nation’s anti-graft agency, argued that Gambaryan, who has no community ties in Nigeria, was likely to jump bail if granted. Following the ruling, the Binance executive will remain in custody at the Kuje Correctional Centre, Abuja.
Gambaryan, a former crypto-focused US federal agent and current head of Binance’s Criminal Investigation team, and Nadeem Anjarwalla, Binance’s Regional Manager for Africa, face charges of money laundering and terrorism financing.
The case dates back to February 28, 2024, when Gambaryan and Anjarwalla arrived in Nigeria to answer questions and possibly resolve issues the authorities had with its platform. However, after the meeting with the EFCC and the Office of the National Security Adviser (ONSA), the duo were detained.
While Gambaryan remains in custody, Anjarwalla managed to escape in March. He fled while attending Friday prayers at a nearby mosque during Ramadan. Nigerian authorities say they are now collaborating with INTERPOL to facilitate his extradition from Kenya.
Will Changpeng ‘CZ’ Zhao Regain Freedom Before Gambaryan?
This case has drawn significant attention due to the involvement of Binance, one of the world’s leading cryptocurrency exchanges. Binance, recently alleged that his executives are still in custody because the exchange refused to give a $150 million bribe payment in crypto.
Binance CEO Richard Teng claimed that some anonymous official had approached its lawyer demanding for a secret crypto payment within 48 hours. Notably, this payment they claim will “make these issues go away.”
The Nigerian authorities have since refuted the claim.
Meanwhile, some legal experts in Nigeria suggest that given the slow pace of the justice system, it is likely that the case might linger for a while.
If this prediction proves true, Binance founder and former CEO Changpeng ‘CZ’ Zhao might have completed his 4-month sentence in the United States before substantial progress is made in Gambaryan’s case.