Binance exec remains in Nigerian jail until May 17 bail hearing: Report

Binance executive Tigran Gambaryan, who has been in prison in Nigeria since February, will reportedly remain in custody pending a bail hearing on May 17.

According to reports from local news outlets on April 23, Gambarian will remain in prison in Kuje, Nigeria until at least May 17, when a judge will decide whether to grant the Binance executive bail. He initially traveled to Nigeria in February with Binance CEO Nadeem Anjarwala to settle his claim against the country's fiat currency, the naira. Nigerian authorities arrested both Binance executives after revealing that the crypto exchange intended to halt all naira transactions.

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.

Anjarwala reportedly used his Kenyan passport to fly from Abuja – he holds British and Kenyan citizenship – in March when he escaped from Nigerian custody. Reports from April 22 indicated that Kenyan police had arrested Anjarwala and may extradite him to Nigeria to face criminal charges.

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Many have criticized the government's accusation that Binance Gambia lacks “decision-making authority” in the crypto firm. On March 30, Tigran's owner, Yuki Gambarian, petitioned the United States Department of State, the Nigerian Economic and Financial Crimes Commission, the Nigerian government, and US President Joe Biden to return him to the United States. As of April 23, the petition has 3,960 signatures.

In a separate case in the United States, former Binance CEO Changpeng Zhao is expected to be sentenced on April 30 following his guilty plea to failing to maintain an anti-money laundering program while running the exchange. He could face up to 10 years in prison.

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