Binance has condemned the rejection of the bail application filed by its executive, Tigran Gambaryan who is standing trial in Nigeria.
Binance executive Tigran Gambaryan had his bail application dismissed by the Federal High Court in Abuja on Friday.
Justice Emeka Nwite, while delivering the verdict, stated that the bail application is denied because he thoroughly reviewed the case and determined that the defendant will jump bail if granted.
The Economic and Financial Crimes Commission (EFCC) charged Gambaryan, his company, Binance Holdings Limited, and a fellow top executive on the run, Nadeem Anjarwalla, with money laundering and terrorism financing.
The court denied Tigran’s bail application on the grounds that they believe Tigran will be able to jump bail despite not having a passport and several assurances offered to the court that he would not.
The court stated that it would rather expedite the trial.
The American Binance employee, who was invited to Nigeria by the Nigerian government for a meeting and then had his passport taken away and was detained, began at the court in Abuja.
The court ruled that the cryptocurrency company can be served with a FIRS tax evasion complaint through Tigran.
Commenting on the outcome of today’s trial, a spokesperson of the company, in a statement sent to our correspondent on Friday, decried the continuous detention of the executive.
The cryptocurrency company noted that the executive “has no decision-making power in the company.”
Stating that the charges against Tigran are “meritless,” the cryptocurrency giant urged the Federal Government to free the detained executive “while discussions continue between Binance and Nigerian government officials.”
Binance statement reads, “We are deeply disappointed that Tigran Gambaryan, who has no decision-making power in the company, continues to be detained.
“Tigran has been dedicated to public service and fighting crime for most of his life. These charges against him are completely meritless.
“He should be freed while discussions continue between Binance and Nigerian government officials.”
