Binance Executive’s Bail Request Rejected by Nigerian Court

In a new development, a Nigerian federal court has yet again rejected Tigran Gambaryan's application for bail for the umpteenth time. The court's decision implies that the detained Binance executive would remain confined at the Kuje correctional center, pending the conclusion of the legal dispute involving him, Binance, and the Nigerian government.

Notably, the Nigerian regulatory authorities have been in a fierce court battle with Binance and its executives, having accused them of a five-count charge related to money laundering and tax evasion.

The outcome of today's court session says a lot about the already stranded relationship between the parties involved, which invariably implies that an end is not coming anytime soon.

What Transpired In The Court Today?

During today's court session, the defense's counsel, Mark Mordi, argued that the court granting bail to Gambaryan does not prevent him from appearing in court to sit out the rest of the trial, as the court possesses the power to ensure his compliance via meting out strict measures to restrict his movements alongside the bail order.

As expected, the prosecuting party, led by Ekele Iheanacho, countered the defense's argument for a potential bail, citing two significant reasons that eventually influenced the presiding judge's final ruling.

According to Iheanacho, Gambaryan, like his colleague, Nadeem Anjarwalla, might be plotting an escape plan,  corroborated by the fact that he made a suspicious attempt to apply for a new United States passport after the Nigerian authorities had seized his passport.

In addition, the defense counsel noted that the detained Binance executive is a foreigner and does not identify with any of the Nigerian communities, implying that any potential escape would leave no traces. He, however, suggested remanding Gambaryan under the Economic and Financial Crime Commission's (EFCC) custody, asserting that it is better than granting him bail as requested by the defense counsel.

Court's Verdict

After listening to both parties present their arguments, the presiding judge, Justice Emeka Nwite, highlighted some of the intricacies in granting bail requests, citing the nature of the offense and severity as significant factors to be considered before granting bail applications.

Furthermore, the presiding judge deemed the prosecution party's assertion substantial, citing Nadeem's escape. Hence, he rejected Gambaryan's bail request and ordered a hastened trial in the legal procedures involving the held Binance executive.

Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence before making any trading or investment decisions.

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