In a recent development from Abuja, Nigeria, the bail plea of Binance executive Tigran Gambaryan has been deferred once more by a Federal High Court, as he continues his incarceration at the Kuje correctional center. The delay came after the court pushed the original bail hearing from April 18 to April 22, as per reports from Nairametrics, a local news outlet.
During the proceedings, it was revealed that the Economic and Financial Crimes Commission (EFCC) required additional time to review new evidence presented by Gambaryan’s legal team. This additional affidavit, submitted on April 16, necessitated a thorough response to uphold justice, noted Senior Counsel E. Iheanacho.
Justice Emeka Nwite, overseeing the case, decided in favor of the postponement. Despite this, Mark Mordi, the attorney for Gambaryan, voiced his displeasure, stating, “The prosecution’s failure to file a response to the additional affidavit submitted with his bail application is unacceptable.” Mordi emphasized that his client has already spent over two weeks under federal custody.
Gambaryan, alongside fellow Binance executive Nadeem Anjarwalla and the company itself, face serious allegations from the EFCC. They are accused of masking the origins of $35.4 million in revenue in Nigeria, purported to be proceeds from illegal activities. Following a plea of not guilty to money laundering charges, the court agreed to EFCC’s request to detain the Binance executives for 14 days while also mandating Binance to provide governmental access to data pertaining to Nigerian traders on its platform.
In addition to the current legal woes related to money laundering and foreign exchange infractions, Binance is embroiled in a separate lawsuit initiated by the Federal Inland Revenue Service (FIRS) over accusations of tax evasion.
Amid these tumultuous legal challenges, Gambaryan has taken a stand against what he views as a breach of his fundamental human rights by the Nigerian government. He claims that the ongoing detention and the seizure of his passport infringe upon constitutional rights guaranteeing personal liberty.
This saga began on February 28, when Nigerian authorities arrested Gambaryan and Anjarwalla—responsible for Binance’s operations across Africa—amid a nationwide crackdown on cryptocurrency channels intended to control currency speculation. In a startling turn of events, Anjarwalla managed to evade custody using a counterfeit passport.
The unfolding legal drama involving Binance executives continues to capture attention, spotlighting the intricate and often contentious intersection of international finance, regulatory actions, and human rights within the burgeoning cryptocurrency landscape.
