Bail Denied for Binance Executive Facing Money Laundering Charges
Tigran Gambaryan, Binance’s head of financial compliance, has been denied bail for the second time by the Federal High Court in Abuja. Gambaryan, who has been detained since February on charges of money laundering, had his latest bail plea dismissed, with the court ruling that Nigeria’s correctional service is capable of handling his medical needs.
Postponement Due to Judge’s Absence
Justice Emeka Nwite’s absence on Wednesday postponed the hearing on Gambaryan’s bail application. The delay further complicated Gambaryan’s release prospects. This postponement extended the already high-profile case, generating more uncertainty. The ongoing proceedings have attracted significant attention within Nigeria’s financial sector.
Lawyer Cites Medical Concerns
Gambaryan’s lawyer argued during Friday’s court hearing that the executive needed surgery outside the prison facility for proper treatment. However, Justice Nwite ruled there was no evidence proving the correctional service’s inability to manage his health issues. The judge insisted the prison’s medical system could adequately address Gambaryan’s condition. Nwite’s decision highlighted the court’s stance on limiting external medical interventions for detainees without compelling evidence.
Judge Rejects Claims of Bail Abuse
Justice Nwite also addressed concerns about legal procedures, noting that Gambaryan had an ongoing appeal against a previous bail ruling. He described the current application as a potential misuse of court procedures, further justifying the decision to deny bail at this stage.
Trial Adjourned to October 18
The court adjourned the trial until October 18, after cross-examining two state witnesses. The continued detention of Gambaryan adds pressure on Binance, which has faced increased scrutiny over compliance and regulatory matters globally.
Public Interest Surrounding the Case
The case has sparked significant public interest, given Binance’s high profile in the cryptocurrency and financial sectors. With Gambaryan’s legal troubles unfolding, industry stakeholders are watching closely to see how the Nigerian government navigates this high-stakes matter.
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