• Sunday, June 16, 2024
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Court denies 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, the detained Executive of Binance Holdings Limited.

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

The court had remanded the Binance executive at the Kuje Correctional Facility after he pleaded not guilty to the money laundering charges preferred against him by the Economic and Financial Crimes Commission (EFCC).

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.

“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.

Before the judge ruled on the bail request by the Binance executive, Ekele told the court that it would be a huge risk if the Binance executive was granted bail because he had no competent person to stand as his surety.

He also told the court that Gambaryan had attempted to apply for a new United States visa while in custody

In his argument, Mark Mordi counsel to Gambaryan said his client has no record of jumping bail and should be granted the application.

After his ruling, the Judge however said the trial would be handled expeditiously.