- Nigerian court denies bail for Binance executive Tigran Gambaryan due to flight risk concerns.
- Charges involve over $35 million in tax evasion and money laundering.
- Court proceedings resume on May 23 for formal arraignment.
Tigran Gambaryan, Binance’s head of crime compliance, had his bail application denied by a Nigerian court on Friday. The court cited the likelihood of Gambaryan fleeing if granted bail. Gambaryan and another Binance executive face tax evasion and money laundering charges in Nigeria.
The accusations are based on claims that they avoided paying taxes and laundered over $35 million.
Nigerian officials have adopted a strong position, mandating that the exchange deal with charges from the Federal Inland Revenue Service (FIRS) via Gambaryan. The court proceedings will continue on May 23 for a formal arraignment.
Family and Legal Reactions
Gambaryan’s detention has drawn significant attention. His wife, Yuki Gambaryan, expressed disbelief and sorrow over her husband’s predicament, especially on his 40th birthday. She called for justice and his return home.
Moreover, Binance issued a statement highlighting Gambaryan’s commitment to public service and the battle against crime and expressing disappointment over his prolonged confinement.
The prosecution presented its first witness, Abdulkadir Abbas, from the Nigerian SEC. The defence requested a brief delay to obtain certified records for cross-examination.
Tigran Gambaryan remains in custody in Nigeria, with significant legal battles ahead. Binance continues negotiating with Nigerian authorities, seeking a resolution to the charges faced by its executives and the exchange itself.
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The post Binance Executive Tigran Gambaryan Denied Bail in Nigeria appeared first on Crypto News Land.
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