Binance Exec Tigran Gambaryan Denied Bail by Nigerian Court

As an analyst with extensive experience in financial crimes and international law, I find the ongoing legal proceedings against Tigran Gambaryan, Binance’s detained Head of Compliance, deeply concerning. The Nigerian court’s decision to deny his bail application on Friday, based on the likelihood that he may attempt to evade justice, seems arbitrary and unfounded given Gambaryan’s lack of prior criminal history and the fact that he is not a decision-maker in the company.

Tigran Gambaryan, the Binance executive in custody, had his bail application rejected by a Nigerian court last Friday. The reason given was that there is a significant risk he might attempt to evade the legal proceedings if released on bail.

Binance and the executives’ money laundering, tax evasion and the exchanges detained Head of Compliance Tigran Gambaryans bail hearings all occurred on Friday in Nigeria. The court ruled that Binance can be served with the Federal Inland Revenue Service tax evasion charge through Gambaryan.

Tigran’s legal team raised concerns to the court about the need to examine the revised accusation before guiding Gambaryan through the plea process. The judge granted a postponement, setting the new date for May 22 for the formal charging session.

On Friday, Gambaryan reached the milestone of turning 40. However, since his arrival in Nigeria in February, he has been held in custody. The British-Kenyan regional manager for Africa, Nadeem Anjarwalla, who came with him, has since managed to elude authorities.

“I find it hard to accept that my blameless husband, who turns 40 today, is now standing trial for accusations that he isn’t involved in,” expressed Yuki Gambaryan, Tigran Gambaryan’s wife.

As a researcher observing global events, I fervently hope that logic and fairness will triumph in this situation, enabling the safe return of Tigran to his loved ones.

Approximately a month after the authorities in the country took into custody the executives of the exchange, they, along with the exchange itself, were accused and indicted for money laundering and tax evasion offenses. Subsequently, Gambaryan was transferred to Kuje Prison, sharing facilities with individuals associated with Boko Haram terrorists.

The money laundering trial initiated by the Economic and Financial Crimes Commission (EFCC) began on Friday. A Nigerian prosecutor summoned Abdulkadir Abbas, a representative from the Securities and Exchange Commission (SEC), as the initial witness for the prosecution.

After the prosecution completed questioning their initial witness, Tigran’s legal team requested a brief pause in proceedings to acquire certified copies of certain documents from the evidence for use during their cross-examination. The court then postponed the trial until May 23 at midday.

“The Binance Spokesperson expressed their disappointment over the ongoing detainment of Tigran Gambaryan, who holds no authority in our company’s decision-making process. Throughout most of his career, Tigran has been committed to public service and crime prevention. The allegations against him are without foundation. We urge for Tigran’s release during ongoing negotiations between Binance and Nigerian government representatives.”

In a recent blog entry, Binance CEO Richard Teng urged the Nigerian authorities to grant freedom to the individual known as Gambaryan.