Binance executive denied bail in Nigerian money laundering case

The Federal High Court in Abuja has denied bail to Binance executive Tigran Gambaryan, who is accused of money laundering and tax violations in Nigeria.

Judge Emeka Nwite ruled against granting Gambaryan bail on Friday, citing the executive’s potential flight risk and the seriousness of the allegations.

Gambaryan, Binance’s head of financial crime compliance, was arrested in February shortly after arriving in Nigeria to discuss the crypto exchange’s operations with government officials. The Nigerian Economic and Financial Crimes Commission will prosecute the $35 million money laundering case, while the Federal Revenue Service will oversee tax violation charges.

The court’s reason for rejection

At the hearing, the judge emphasized that the nature of the crimes required a cautious approach to bail issues. Gambaryan did not accept the charges officially presented to him on April 8.

“We are deeply disappointed by the continued detention of Tigran Gambaryan, who has no decision-making authority at the company. Tigran has devoted much of his life to public service and the fight against crime. These accusations against him are completely unfounded. He should be released while negotiations between Binance and Nigerian government officials continue,” a Binance spokesperson told crypto.news, expressing the company’s disappointment in response to the court’s decision.

Binance CEO Richard Teng also expressed his concerns, defending Gambaryan’s release and criticizing the conditions of detention.

“Inviting mid-level employees of a company to attend collaborative policy meetings, only to detain them, set a dangerous new precedent for all companies around the world,” Teng wrote in a recent blog post, highlighting the troubling precedent set by the arrest.

The trial continues as international attention continues to grow, focusing not only on the details of the charges but also on the broader implications for foreign businesses operating in Nigeria.