A Federal High Court in Abuja has denied bail to Tigran Gambaryan, an executive at Binance who is facing charges of money laundering and tax violations in Nigeria, saying he could escape.
On Friday, Justice Emeka Nwite ruled against granting bail, citing Gambaryan’s potential to flee and the severity of the allegations.
The judge highlighted the need for caution given the nature of the offences.
Gambaryan, who heads financial crime compliance at Binance, was arrested in February shortly after he arrived in Nigeria for discussions about the crypto exchange’s operations with government officials.
The Nigerian Economic and Financial Crimes Commission prosecutes a $35 million money laundering case, while the Federal Inland Revenue Service handles the tax violation charges.
Gambaryan has pleaded not guilty, with the charges officially presented on April 8.
During the hearing, Justice Nwite stressed the seriousness of the offences and the need for a cautious approach to bail.
A Binance spokesperson expressed disappointment at the court’s decision, highlighting Gambaryan’s lack of decision-making power in the company and his dedication to public service and fighting crime.
“These charges are meritless. He should be freed while discussions continue between Binance and Nigerian government officials,” the spokesperson stated.
Binance CEO Richard Teng also criticized the circumstances of Gambaryan’s detention.
In a blog post, Teng warned of the dangerous precedent set by inviting company employees for policy discussions only to detain them.
The trial is drawing international attention, focusing on the charges’ specifics and the broader implications for foreign businesses operating in Nigeria.
