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The bail application for Gambaryan was denied as the court adjourns trial to May 23 for arraignment.
A Nigerian court has denied the bail application for Binance’s detained Head of Compliance, Tigran Gambaryan, citing the likelihood that he may jump bail.
The decision was announced on Friday, the same day Gambaryan turned 40. A recent report from Reuters indicates that the Nigerian court has ruled to allow Gambaryan to stand trial on behalf of Binance for its ongoing evasion case.
The court also ruled that Binance can be served with the Federal Inland Revenue Service’s tax evasion charge through Gambaryan. The exchange and its executives are facing money laundering and tax evasion charges in Nigeria.
Gambaryan’s lawyers objected to the application, stating that they needed to review the amended charge to advise their client on taking his plea. The court adjourned the matter to May 22 for arraignment.
Gambaryan has been detained in Nigeria since February when he arrived with Nadeem Anjarwalla, the British-Kenyan regional manager for Africa.
“The whole world is watching what he is being put through, and I just pray that common sense and justice will prevail and that Tigran will be allowed to come home to us,” shares Yuki Gambaryan, Tigran’s wife.
The money laundering trial commenced on Friday with a Nigerian prosecutor calling on Abdulkadir Abbas from the Nigerian SEC as the first prosecution witness. After the prosecution finished examining their first witness, Tigran’s lawyers requested a stand down to obtain certified records of certain documents in the proof of evidence for their cross-examination of the witness. The court adjourned the trial until May 23 at noon.
A Binance spokesperson expressed disappointment at Gambaryan’s continued detention, highlighting how Gambaryan had no decision-making power in the company and that the charges against him are meritless. The spokesperson added that Gambaryan should be freed while discussions continue between Binance and Nigerian government officials.
Binance’s CEO, Richard Teng, recently released a blog post calling on the Nigerian government to release Gambaryan.
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