A Federal High Court Abuja, on Friday denied the bail application of Binance, a crypto currency firm executive, Tigran Gambaryan.
By Emma Ogbuehi
A Federal High Court Abuja, on Friday denied the bail application of Binance, a crypto currency firm executive, Tigran Gambaryan.
Justice Emeka Nwite, while delivering the ruling held that the bail application is refused as he has carefully gone through the application submitted before him and resolved that the defendant will jump bail if granted.
Gambaryan, his company, Binance Holdings Limited and a fellow top executive currently on the run, Nadeem Anjarwalla, were charged by the Economic and Financial Crimes Commission, with money laundering and terrorism financing.
Anjarwalla, one of the accused had allegedly escaped from detention in Abuja. He was the company’s regional manager for Africa.
Anjarwalla and Tigran Gambaryan were arrested in February by officials from the office of the National Security Adviser (NSA).
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Media reports indicated that the two officials were detained in a “pleasant guest house” and granted numerous privileges, such as access to telephones.
The Nigerian government arrested the duo as part of efforts to rein in speculation on the naira by cracking down on cryptocurrency exchanges.
Anjarwalla reportedly escaped on March 22 from the Abuja guest house where he and his colleague were being held.
He reportedly went missing after guards escorted him to a nearby mosque for prayers.
The Chief Executive Officer of Binance, Richard Teng, had earlier in the month, described the detention of Gambaryan, as ‘unjust’ and that it was a “dangerous precedent” for international businesses.
Teng also said that despite Binance’s repeated efforts at constructive engagement and cooperation with Nigerian authorities, Gambaryan remains in detention for ‘spurious’ reasons.
Binance CEO, in a statement, said, “To invite a company’s mid-level employees for collaborative policy meetings, only to detain them, has set a dangerous new precedent for all companies worldwide.”
He added, “The message from the Nigerian government is clear: we must detain an innocent, mid-level employee, a former U.S. federal agent, and place him in a dangerous prison to control Binance.
“This regrettable turn of events contradicts the spirit of cooperation and transparency that Binance has consistently demonstrated in its interactions with the regulatory authorities.”