June 18, 2024
Binance Executive Denied Bail in Nigeria
Latest Cryptocurrency News

Binance Executive Denied Bail in Nigeria

Tigran Gambaryan, a Binance executive detained in Nigeria since February, reportedly faces denied bail by a Nigerian court in a money laundering trial. Judge Emeka Nwite cited concerns of flight risk as the reason behind the denial.

Tigran Gambaryan, an executive for the crypto exchange Binance, talking to lawyers, Source: Abraham Achirga/Reuters

Legal Proceedings and Prosecution’s Argument

Gambaryan, along with Binance Holdings and another senior executive, Nadeem Anjarwalla, who is currently at large, face charges related to money laundering and terrorism financing by the Economic and Financial Crimes Commission (EFCC). The prosecution, led by Ekele Iheanacho, strongly opposed Gambaryan’s bail application, citing his recent attempt to obtain a new passport under questionable circumstances and his lack of significant ties to any Nigerian community.

Anjarwalla and Gambaryan were arrested upon their arrival in Nigeria on Feb. 26, following the government’s ban on cryptocurrency channels to curb currency speculation. Binance was mandated by the court to provide the Nigerian government access to data and details of Nigerian traders on its platform.

Legal Challenges and Binance’s Response

However, Gambaryan filed a lawsuit against the Nigerian government, alleging a violation of his fundamental human rights. He claims that his detention and passport confiscation violate Nigeria’s constitution, guaranteeing personal liberty. The Federal High Court in Abuja postponed Gambaryan’s bail application hearing, with him currently in custody at the Kuje correctional center. He pleaded not guilty to tax evasion and money laundering charges brought by the EFCC.

Binance’s operations in Nigeria were affected by these legal challenges. On March 5, Binance announced the cessation of all Nigerian naira transactions, effectively exiting the market. This decision followed the delisting of all naira trading pairs from its peer-to-peer trading platform in late February.

In a separate legal matter in the United States, former Binance CEO Changpeng “CZ” Zhao was sentenced to four months in prison for violating U.S. money laundering laws.

Conclusion

The legal battles surrounding Binance, both in Nigeria and the United States, reflect the challenges faced by cryptocurrency exchanges amidst regulatory scrutiny and legal complexities. The denied bail for Gambaryan underscores the seriousness of the charges against him and the legal hurdles confronting Binance’s operations in Nigeria.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

Related posts

Web3’s ‘Broadband Moment’ as Celestia Network Joins Forces with Polygon CDK

Robert Paul

Crafting Worlds: Inside Avalon’s Ambitious Metaverse Game Led by Gaming Veterans

Cheryl  Lee

ARK Invest’s $33 Million Coinbase Stock Sell-Off Amid Surging Crypto Markets

Henry Clarke

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please enter CoinGecko Free Api Key to get this plugin works.
Index