In a recent court hearing at the Nigerian High Court in Abuja, the detained Binance executive, Tigran Gambaryan, was ordered to be remanded in prison pending his bail hearing. Despite pleading not guilty to money laundering charges, Gambaryan will have to wait until April 18 for his bail hearing. The trial itself is scheduled to start on May 2, and during this period, he will be held at the Kuje Correctional Center, one of the largest prisons in the nation’s capital.
Gambaryan’s arrest occurred over six weeks ago, along with another Binance executive, Nadeem Anjarwalla, in connection with the alleged exacerbation of Nigeria’s foreign exchange issues. Anjarwalla managed to escape custody last month and is currently being tried in absentia. Gambaryan, on the other hand, is facing multiple charges, including five counts of money laundering.
During the court proceedings, Gambaryan’s legal representative argued that he should not be held accountable for the actions of Binance, emphasizing his limited decision-making authority within the exchange. However, Judge Emeka Nwite dismissed this defense, pointing to Gambaryan’s previous work on behalf of Binance in Nigeria. The judge also highlighted that Gambaryan had facilitated training sessions for Nigerian law enforcement on detecting crypto frauds, further solidifying his connection to the exchange’s operations.
Refusal to Acknowledge Charges
Despite Gambaryan and Anjarwalla’s affidavit affirming their presence in Nigeria since February as representatives of Binance, Gambaryan’s refusal to accept the charges on behalf of the exchange was deemed unlawful by the judge. Additionally, the judge rejected Gambaryan’s lawyer’s request to detain him under the Economic and Financial Crimes Commission’s jurisdiction.
The Nigerian High Court’s decision to remand Tigran Gambaryan in prison reflects the seriousness of the charges brought against him in connection with Binance’s alleged involvement in Nigeria’s foreign exchange troubles. The upcoming trial will shed more light on the extent of Gambaryan’s role within the exchange and his responsibility for the actions taken by Binance. As the case unfolds, more details are expected to emerge regarding the situation and the implications for both Gambaryan and the crypto exchange firm.
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