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Binance executive’s bail appeal fails again



A Binance executive's attempt to appeal for bail has been denied once again by a court in Nigeria, marking another setback for the company.

A Federal High Court in Abuja, Nigeria, has decided once more to delay the hearing for Tigran Gambaryan’s bail application. Gambaryan, a Binance executive currently detained at the Kuje correctional center, awaits the court’s decision.

The court, originally scheduled for April 18, postponed the hearing to April 22, as reported by the local news agency Nairametrics.

During the session, the Economic and Financial Crimes Commission (EFCC) informed the court that Gambaryan’s lawyer had included an extra affidavit in his bail application on April 16.

Senior counsel E. Iheanacho highlighted fresh arguments put forth by the defense, emphasizing the need for adequate time to formulate a comprehensive response in the pursuit of justice.

Justice Emeka Nwite, presiding over the case, approved the postponement of the proceedings. Mark Mordi, representing Gambaryan, stressed that his client has been in federal government custody for over 14 days.

He condemned the prosecution’s failure to respond to the additional affidavit included with his bail application.

Following his plea of not guilty to money laundering charges by the EFCC, the trial judge ordered the remand of the Binance executive in custody.

In other news, following the exit of Binance’s former CEO, Changpeng Zhao, also known as CZ, Binance has obtained Dubai crypto license to operate in the region.

Accusing Binance, Gambaryan, and Nadeem Anjarwalla of concealing the source of $35.4 million revenue in Nigeria, the agency alleged that it was the proceeds of unlawful activity.

After the court accepted the EFCC’s arraignment of the defendants, Mordi petitioned the court to grant his client bail under favorable conditions.

The court permitted the EFCC to detain the Binance executives for 14 days and directed Binance to grant the government access to data and information concerning Nigerian traders utilizing its platform.

Binance and its executives are facing two separate legal battles: one filed by the Federal Inland Revenue Service (FIRS) regarding tax evasion and another initiated by the EFCC, alleging them of money laundering and foreign exchange violations.

However, Gambaryan has filed a lawsuit against the government, alleging a breach of his fundamental human rights. His legal motion argues that his detention in Nigeria and the seizure of his passport violate the nation’s constitution, which guarantees the right to personal liberty for every individual.

During a visit to Nigeria on February 28, Nigerian authorities arrested two top Binance executives — Anjarwalla, a 37-year-old British-Kenyan responsible for operations in Africa, and Gambaryan, a 39-year-old American.

Following the federal government’s ban on cryptocurrency platforms in a bid to curb currency speculation, the arrest took place with Anjarwalla managing to evade detention by using a fake passport.


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