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A court in Nigeria denied Binance‘s compliance chief Tigran Gambaryan’s bail application. This decision comes as the cryptocurrency exchange giant Binance faces tax evasion and non-compliance allegations. It also marks another failure in Gambaryan’s efforts to defend himself.
Gambaryan’s Request Denied
The Federal High Court in Abuja denied Gambaryan’s bail request on Friday. Judge Emeka Nwite stated that Gambaryan might not attend hearings if released on bail, saying, “I have carefully considered the affidavit before me and believe the applicant will not attend hearings if released on bail.”
Nwite also claimed that Gambaryan was in the same room as another Binance executive, Nadeem Anjarwalla, who escaped, and that Gambaryan did not report the incident to authorities. Gambaryan, however, said he was asleep when his colleague escaped Nigerian oversight.
Allegations Against Gambaryan
It is also alleged that Gambaryan tried to obtain a new passport and told the US Embassy he lost his passport. Despite his passport being held by the Nigerian Economic and Financial Crimes Commission (EFCC), this attempt raised suspicions.
Gambaryan’s wife Yuki stated, “I can’t believe my innocent husband has to stand trial on his 40th birthday for charges he has nothing to do with. The whole world is watching what is being done to him, and I am just praying for common sense and justice to prevail and for Tigran to be allowed to return home.”
What is Binance Accused Of?
Binance is accused by the Nigerian government of laundering approximately $35.4 million. Additionally, Binance, the world’s largest crypto exchange, is alleged to have helped users evade taxes. Gambaryan and Anjarwalla, detained by Nigerian authorities in late February, faced various challenges during this period. Anjarwalla escaped a month after being detained, while Gambaryan remained in custody.
Binance’s Africa regional director Anjarwalla was arrested by Kenyan police last month. According to local media, law enforcement is working on Anjarwalla’s extradition to Nigeria.
Binance CEO Richard Teng stated earlier this month that Gambaryan was “unlawfully detained in Nigeria” and that the exchange is “tirelessly working on the #BringTigranHome campaign.” However, Binance has yet to make an official statement regarding Anjarwalla.
