Justice Emeka Nwite of the Federal High Court in Abuja has denied bail to <a href="https://coingape.com/binance-ceo-urges-tigran-gambaryan-release-nigeria-crisis/" target="_blank" rel="noopener">Tigran Gambaryan</a>, an executive of Binance, a leading crypto exchange. The ruling cited concerns that he might flee if released. Meanwhile, Gambaryan, along with the company, faces a five-count charge related to money laundering. 
<h2 id="reasons-behind-dismissal-of-binance-executive-s-bail-application">Reasons Behind Dismissal Of Binance Executive’s Bail Application</h2> 
During the court proceedings, both defendants pleaded not guilty. Mark Mordi, counsel for the defense, argued for bail. He emphasized the court’s authority to impose stringent conditions to ensure Gambaryan’s compliance and presence throughout the trial. In addition, the defense attorney highlighted that bail is a discretionary right and urged the court to consider it. 
However, the prosecution, represented by Ekele Iheanacho, opposed the bail application vehemently. Iheanacho argued that Gambaryan poses a significant flight risk. He revealed that Gambaryan recently attempted to obtain a new passport under suspicious circumstances, claiming his previous passport was stolen. This incident raised red flags, especially in light of a colleague’s recent escape from custody. 
Furthermore, Iheanacho stressed that Gambaryan has no significant ties to any community in <a href="https://coingape.com/binance-ceo-reveals-150-million-bribe-conflicts-nigeria-government/" target="_blank" rel="noopener">Nigeria</a>. Hence, this increases the likelihood of his absconding if granted bail. Given these factors, Iheanacho contended that the court could not afford to take such a risk. 
After considering the arguments, Justice Nwite ruled in favor of the prosecution. Moreover, he emphasized the serious nature of the charges and the potential risk of Gambaryan fleeing the jurisdiction. Consequently, he refused the bail application, ordering that Gambaryan remain in custody pending further court proceedings. 
Iheanacho also stated that Gambaryan attempted to apply for a new United States passport despite knowing that his international passport had been seized by Nigerian authorities. As an alternative, the EFCC recommended that the court return Gambaryan to EFCC custody until the trial concludes. In response, the defense lawyer, Mordi, argued that his client (Gambaryan) has no history of jumping bail, which should be taken into account by the court in considering his bail request. 
Also Read:&nbsp;<a href="https://coingape.com/binance-founder-changpeng-cz-zhao-yet-to-enter-prison-report/" target="_blank" rel="noopener">Binance Founder Changpeng ‘CZ’ Zhao Yet To Enter Prison: Report</a> 
<h2 id="the-final-verdict">The Final Verdict</h2> 
In his ruling on the bail application, Justice Nwite stated that a defendant charged with a criminal offense punishable by a three-year sentence or more is generally entitled to bail. However, this doesn’t apply to cases where attempts to conceal evidence are proven. In addition, interference in the trial also eradicated the possibility of a bail. 
Justice Nwite noted that a Binance official, through an affidavit, admitted to traveling to Nigeria to hold meetings with government officials on behalf of the exchange. The judge also highlighted that the Economic and Financial Crimes Commission (EFCC) claimed the Nigerian government had discovered through intelligence that Binance was involved in activities violating foreign exchange regulations. 
Moreover, these violations eventually impacted the value of the Naira. Additionally, Nwite pointed out that Nadeem, a colleague of Gambaryan, had escaped from lawful custody. Hence, the bail was denied to prevent the Binance exec from escaping the country’s jurisdiction. 
Earlier, the Nigerian government, represented by the EFCC, accused <a href="https://coingape.com/binance-burns-additional-terra-luna-classic-lunc-tokens-after-monthly-burn/" target="_blank" rel="noopener">Binance</a>, Gambaryan, and the fugitive Nadeem Anjarwalla of conspiring to conceal the origins of financial proceeds from alleged unlawful activities in Nigeria. This includes the sum of $35,400,000, constituting an offense under Section 21(a) and punishable by Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022. 
Also Read:&nbsp;<a href="https://coingape.com/binance-unveils-new-spot-trading-pairs-heres-all/" target="_blank" rel="noopener">Binance Unveils New Spot Trading Pairs, Here’s All</a> 
The post <a href="https://coingape.com/breaking-binance-exec-tigran-gambaryan-bail-rejected-by-nigerian-court/">Breaking: Binance Exec Tigran Gambaryan Bail Rejected By Nigerian Court</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Breaking: Binance Exec Tigran Gambaryan Bail Rejected By Nigerian Court

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