No bail for Binance executive, court rules

No bail for Binance executive, court rules

A federal high court in Abuja on Friday rejected a bail application by Tigran Gambaryan, an executive of Binance Holdings Limited, a cryptocurrency firm

Presiding judge, Emeka Nwite, held that Gambaryan is likely to “jump bail if granted to him”.

The company and its executive were arraigned on five counts bordering on money laundering.

But the defendants pleaded not guilty to the charge.

Justice Nwite agreed with prosecuting lawyer, Ekele Iheanacho, that with the earlier escape of Gambaryan’s co-defendant, Nadeem Anjarwalla (the Binance Regional Manager for Africa) from custody, it would be improper to grant bail to Gambaryan.