• Friday, June 21, 2024
businessday logo

BusinessDay

Court denies Tigran Gambaryan, Binance executive bail

Court remands Binance executive in Kuje prison

A Federal High Court sitting in Abuja has refused to grant bail to Tigran Gambaryan, an Executive of Binance Holdings Limited.

Justice Nwite on Thursday denied the defendant bail on the ground that he may jump the bail.

Binance Holdings Limited and its executives are facing a 5-count charge bordering on alleged tax evasion, currency speculation and money laundering to the tune of $34,400,000.

Read also: Binance: $35m money laundering trial stalled, court adjourns till May 17

“I have carefully considered the affidavit evidence before me and I am of the view that the applicant will jump bail if granted,” Nwite said.

Read also: Kenya police to extradite fleeing Binance executive to Nigeria

The Judge however said the trial will be handled expeditiously.