Binance’s Gambaryan Denied Bail in Nigeria’s Money Laundering Trial
Tigran Gambaryan, a top executive at Binance, remains in custody in Nigeria, denied bail in a complex case involving money laundering allegations.
Since February, Gambaryan has been a central figure in a legal debacle that reflects broader tensions surrounding cryptocurrency regulations.
Gambaryan Denied Freedom
Reportedly, Judge Emeka Nwite ruled against Gambaryan’s bail request, citing high flight risk concerns. The decision followed claims by the prosecution that Gambaryan tried to replace his “stolen” passport under shady conditions.
The court fears, like his colleague Nadeem Anjarwalla who escaped custody in March, Gambaryan might also flee.
Related: BINANCE AIDS TAIWAN IN BUSTING $6.2M CRYPTOCURRENCY LAUNDERING OPERATION
Ekele Iheanacho, leading the prosecution, stressed that Gambaryan lacks community ties in Nigeria, bolstering the flight risk argument.
Gambaryan, along with Binance Holdings and Anjarwalla, face serious charges from the Economic and Financial Crimes Commission (EFCC), including funding terrorism and laundering money.
Crypto Faces More Controversies
Binance’s troubles in Nigeria began with a government crackdown on cryptocurrency to control currency speculation. Following their February arrest, Nigerian authorities demanded Binance allow access to data of Nigerian users.
Amidst these tensions, Gambaryan sued the Nigerian government, claiming his rights were infringed by his detention and passport seizure.
Binance, reacting to the legal pressures, ceased all Nigerian naira transactions and delisted naira trading pairs, marking a significant retreat from the Nigerian market.
“When government officials are perceived as corrupt or willing to engage in unethical behavior, it can deter foreign investment, undermine the rule of law, and hinder efforts to combat poverty and inequality.”
SBM
This decision came as SBM Intelligence, a risk consultancy, warned that ongoing scandals involving Binance could harm Nigeria’s attractiveness to foreign investors.
Nigeria Tried to Bribe Binance
Adding to the drama, allegations surfaced in May suggesting attempts to bribe Binance executives, including Gambaryan, with cryptocurrency, just before their arrest.
Also Read: HOW THE BINANCE BEEF COULD RUIN NIGERIA’S ECONOMY
SBM Intelligence highlighted these allegations, emphasizing the need for thorough investigations to preserve the rule of law and investor confidence.
Gambaryan’s situation is part of a Binance’s global operations. In the U.S., a separate case saw Binance’s former CEO sentenced over similar charges.
These incidents collectively spotlight potential systemic issues within Binance, posing challenges to its reputation worldwide.
