BREAKING: Court Denies Binance Executive, Gambaryan Bail

BREAKING: Court Denies Binance Executive, Gambaryan Bail

The Federal High Court in Abuja has rejected the bail application of Tigran Gambaryan, the executive of Binance cryptocurrency firm.

Gambaryan, along with his company, Binance Holdings Limited, and another executive, Nadeem Anjarwalla, who is currently evading arrest, have been accused by the Economic and Financial Crimes Commission (EFCC) of charges relating to money laundering and terrorism financing.

Justice Emeka Nwite, in delivering the ruling, explained that after a careful review of the bail application, he determined that granting bail could result in the defendant fleeing.

This decision reflects the court’s concern that the defendant may not appear for further proceedings if released on bail.

Meanwhile, Binance has maintained its stance that certain Nigerian officials allegedly requested a bribe to resolve the company’s issues with the Nigerian government.

The cryptocurrency platform emphasized that they were not contacted for their side of the story before the news was published and they aim to address any misinformation in the reporting.

“We wanted to flag some incorrect information in the article and have contacted Bloomberg for a correction.

“We were not contacted for comment by Bloomberg, and we believe it is important for your articles to be updated to fairly reflect this,” the company said.