In a recent turn of events, a Nigerian High Court in Abuja has taken a stringent stance in the case of the detained Binance executive, Tigran Gambaryan. Following the postponement of his bail hearing, Gambaryan, a US citizen, was ordered to be remanded in prison. He has pleaded not guilty to money laundering charges and is set to remain in custody until his bail hearing on April 18.
Gambaryan’s arrest took place over six weeks ago, alongside another Binance executive, Nadeem Anjarwalla. The charges revolve around the exchange’s alleged involvement in exacerbating Nigeria’s foreign exchange issues. While Anjarwalla managed to escape custody last month, he is currently being tried in absentia.
Gambaryan is facing multiple charges, including five counts of money laundering. Despite his legal counsel’s arguments emphasizing his limited decision-making role within Binance, Judge Emeka Nwite dismissed this stance. The judge pointed out Gambaryan’s prior representation of Binance in Nigeria and his involvement in training Nigerian law enforcement on detecting crypto frauds. It was highlighted that both Gambaryan and Anjarwalla had been acting as representatives of the crypto exchange firm in Nigeria since February.
Court Ruling and Future Proceedings
The judge deemed Gambaryan’s refusal to acknowledge the charges on Binance’s behalf as illegal. Additionally, the appeal to detain him under the prosecuting agency, the Economic and Financial Crimes Commission, was rejected. The trial is set to commence on May 2, and in the interim, Gambaryan will be held at the Kuje Correctional Center, a significant prison facility in Nigeria’s capital.
The legal battle surrounding the detained Binance executive in Nigeria is becoming increasingly complex. With the upcoming trial on the horizon, the intricacies of Gambaryan’s involvement with Binance and the alleged money laundering charges will be scrutinized further. As the case unfolds, it remains to be seen how the legal proceedings will shape the outcome for Gambaryan and the implications it may have on Binance as a prominent crypto exchange entity.