Justice Emeka Nwite of the Federal High Court in Abuja has denied bail to Tigran Gambaryan, an executive of Binance, a leading crypto exchange. The ruling cited concerns that he might flee if released. Meanwhile, Gambaryan, along with the company, faces a five-count charge related to money laundering.<\/p>\n
Reasons Behind Dismissal Of Binance Executive\u2019s Bail Application<\/h2>\n
During the court proceedings, both defendants pleaded not guilty. Mark Mordi, counsel for the defense, argued for bail. He emphasized the court\u2019s authority to impose stringent conditions to ensure Gambaryan\u2019s compliance and presence throughout the trial. In addition, the defense attorney highlighted that bail is a discretionary right and urged the court to consider it.<\/p>\n
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However, the prosecution, represented by Ekele Iheanacho, opposed the bail application vehemently. Iheanacho argued that Gambaryan poses a significant flight risk. He revealed that Gambaryan recently attempted to obtain a new passport under suspicious circumstances, claiming his previous passport was stolen. This incident raised red flags, especially in light of a colleague\u2019s recent escape from custody.<\/p>\n
Furthermore, Iheanacho stressed that Gambaryan has no significant ties to any community in Nigeria. Hence, this increases the likelihood of his absconding if granted bail. Given these factors, Iheanacho contended that the court could not afford to take such a risk.<\/p>\n
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After considering the arguments, Justice Nwite ruled in favor of the prosecution. Moreover, he emphasized the serious nature of the charges and the potential risk of Gambaryan fleeing the jurisdiction. Consequently, he refused the bail application, ordering that Gambaryan remain in custody pending further court proceedings.<\/p>\n
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