Nigerian Court Denies Bail to Binance Executive Tigran Gambaryan, US Sentences Former Binance CEO
Summary:
Binance executive Tigran Gambaryan has been denied bail by a Nigerian Federal High Court over money laundering charges. Furthermore, Gambaryan, along with Binance Holdings Limited and another senior executive, Nadeem Anjarwalla, are facing charges related to money laundering and financing of terrorism from the Economic and Financial Crimes Commission (EFCC). Amidst these charges, Gambaryan is also suing the government for allegedly violating his fundamental rights. In a separate case, the former CEO of Binance, Changpeng “CZ” Zhao, has been sentenced to a four-month jail term in the United States for breaking money laundering laws.
Binance executive, Tigran Gambaryan, who has been in Nigerian custody since February, has allegedly been refused bail by a Nigerian Federal High Court over accusations of money laundering. Judge Emeka Nwite declined the bail plea, expressing apprehension over Gambaryan possibly escaping if released. Both Binance Holdings Limited, led by Gambaryan, Nadeem Anjarwalla, another executive currently evading capture, are confronting allegations by Nigeria’s Economic and Financial Crimes Commission (EFCC) for laundering money as well as supporting terrorism.
The prosecution, headed by Ekele Iheanacho, noted Gambaryan's suspicious attempts to secure a new passport after reporting his previous one stolen and emphasized Gambaryan's lack of substantial connections in Nigeria, raising concerns that he might abscond if bailed, similar to Anjarwalla, who fled Nigerian custody on March 22. Both Anjarwalla and Gambaryan were apprehended upon touching down in Nigeria on Feb. 26, following the prohibition of cryptocurrency channels by the federal government in an effort to regulate currency speculation. Binance was ordered by the court to provide transaction data to the Nigerian government on Nigerians using the platform.
Alongside these charges, Gambaryan is suing the government for alleged violations of his basic human rights. His lawsuit asserts that the seizure of his passport and his detention in Nigeria breach the national constitution, which safeguards individual liberty.
The Federal High Court in Nigeria's capital Abuja had earlier delayed the hearing of Gambaryan's bail appeal, who is currently confined at the Kuje correctional facility. After an initial delay, Gambaryan was set to reappear in court on April 19, with a resolution on the bail expected on April 22. Gambaryan has pleaded not guilty to charges of evasion of tax and money laundering levelled by the EFCC and a trial has been fixed for May 2.
On March 5, in the wake of these proceedings, Binance announced halting all dealings involving the Nigerian naira, effectively withdrawing from the local market. All naira trading pairs were also removed by Binance from its peer-to-peer platform at the end of February.
Separately, in the United States, a federal court has sentenced Binance's former CEO, Changpeng “CZ” Zhao to a four-month jail term for breaking U.S. laws on money laundering.
Published At
5/17/2024 3:55:40 PM
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