Nigerian Court Denies Bail to Binance Executive Tigran Gambaryan Amid Money Laundering Charges

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Justice Emeka Nwite of Nigeria’s Federal High Court in Abuja has denied bail to Tigran Gambaryan, an executive from the cryptocurrency exchange Binance, according to a report from a local media outlet. Gambaryan is currently facing accusations of money laundering and tax violations in Nigeria.

Bail Decision Amidst Flight Risk Concerns

During a hearing on Friday, Justice Nwite sided with the prosecution, which argued that Gambaryan is a flight risk. The prosecution, led by lawyer Ekele Iheanacho, highlighted the severity and nature of the offenses as key factors in determining bail. 

This comes particularly in the wake of Gambaryan’s co-defendant, Nadeem Anjarwalla, the Regional Manager for Africa at Binance, allegedly fleeing from custody.

The Economic and Financial Crimes Commission (EFCC) of Nigeria has charged both Gambaryan and Anjarwalla, along with Binance itself, with allegations of laundering $35.4 million gained from their supposed illegal activities in the country. 

These charges are severe, aligning with the stipulations of Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022, and could lead to huge penalties under Section 18(3) of the same act.

Arguments and Implications

Iheanacho firmly argued against granting bail, citing Gambaryan’s lack of community ties in Nigeria and the absence of a reliable local surety. He also revealed that Gambaryan had attempted to get a new U.S. passport after his international passport was seized by Nigerian authorities, indicating a possible preparation to run.

In response, Gambaryan’s legal representative, Mordi, said that his client had never previously jumped bail, adding that there was no basis to suspect he would do so now. Nevertheless, Justice Nwite still ruled against the bail application. He noted that while defendants facing criminal charges that carry more than three years’ imprisonment are usually entitled to bail, exceptions apply if there’s a risk of hiding evidence or interfering with the trial process.

In the meantime, the EFCC has recommended that Gambaryan remain in their custody until the trial is over.