Binance exec denied bail in Nigerian money laundering trial

Binance executive Tigran Gambarian, who has been in prison in Nigeria since February, has reportedly been denied bail in a money laundering trial at the Federal High Court of Nigeria.

According to local media, Judge Emeka Nwite rejected the bail application stating that the accused believed that Tigran Gambia was a flight risk and would abscond if granted bail.

Tigran Gambaryan, his company Binance Holdings Ltd. and another senior executive, Nadeem Anjarwala, are currently on the docket from the Economic and Financial Crimes Commission (FCCC) on charges of money laundering and terrorist financing.

The prosecution, led by Ikele Iheanacho, strongly opposed the bail request, saying the Gambian had recently tried to obtain a new passport under questionable circumstances, raising suspicions that an old passport had been stolen.

He also stressed that Iheanacho Gambarian has no significant connection with any community in Nigeria. So if he is granted bail, he is as likely to abscond as his partner. Anjarwala escaped from Nigerian custody on March 22.

Anjarwala and Gambarian were arrested when they entered Nigeria on February 26 after the federal government banned cryptocurrency channels in a crackdown on currency speculation. The court ordered Binance to provide the Nigerian government with information and details of Nigerian traders using the platform.

But Gambarian also sues the government for violating his basic human rights. Gambarian's petition said his detention in Nigeria and confiscation of his passport is against the country's constitution, which guarantees the right of individuals to personal liberty.

Related: Nigeria's Foreign Investment Threatened by Binance Bribery Allegations

The Federal High Court in Abuja, Nigeria has adjourned the bail application hearing of Binance executive Tigran Gambaryan, who is currently in custody at Kuje Correctional Centre.

Gambarian, who was originally scheduled to return to court on April 19, was adjourned for a bail hearing on April 22. Scheduled for May 2nd.

On March 5, Binance announced that it would stop all trading of the Nigerian naira, effectively pulling out of the market. Binance also canceled all naira trading pairs on its peer-to-peer trading platform in late February.

In a separate case in the United States, a federal judge sentenced former Binance CEO Changpeng “CZ” Zhao to four months in prison for violating US money laundering laws.

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