Court Declines Binance Executive’s Bail Application, Cites Flight Risk

Federal High Court sitting in Abuja has dismissed a bail application filed by the detained Executive of Binance Holdings Limited, Tigran Gambaryan, saying he could be a flight risk.

The court presided over just Justice Emeka Nwite held that Gambaryan is likely to jump bail if bail is granted to him.

Another executive, Nadeem Anjarwalla, a British-Kenyan who is a regional manager for Africa, had in March fled Nigeria.

Anjarwalla escaped from lawful custody and was arrested days after by Kenyan authorities.

Since his escape, the Economic and Financial Crimes Commission, (EFCC) the International Criminal Police, the Nigeria Police Force, and the Kenyan Police Service have been in talks to extradite him back to Nigeria.

Nigeria’s National Security Adviser (NSA), had classified cryptocurrency trading as a national security issue.

The company and its executives are facing trial on a five-count charge bordering on money laundering.

Both Defendants had pleaded not guilty to the charge.

Moving an application, Counsel to Gambaryan, Mark Mordi, argued that the court had the power to grant bail to the defendant and impose conditions to ensure his presence in court.

The Prosecution Counsel, Ekele Iheanacho, however opposed the bail application, stating that the defendant was a flight risk.

He argued that the defendant attempted to obtain a new passport which he claimed was stolen, and this was a suspicious act given the proximity to his colleague’s escape from custody.

He further stated that the court cannot risk granting him bail, especially since he is not attached to any community in Nigeria.

“The fact that the passport of the defendant is with the complainant does not guarantee that he will remain in Nigeria because the defendant is not only an American citizen but also an Armenian citizen by birth”, the prosecution argued.

He urged the court to refuse the application and instead remand him in EFCC custody to ensure his safety and prevent potential flight risk.

Delivering ruling, the judge said several factors including the nature of offence and its severity must be considered when trying to decide whether or not bail should be granted to the defendant applicant.

Justice Nwite agreed with the depositions made by prosecution and was of the view that the applicant could jump bail if bail is granted to him.

Authorities in Nigeria had launched a clampdown on cryptocurrency in an effort to shore up the value of local currency, Naira which has in recent times witnessed a rapid depreciation.