According to recent reports, binance executive, Tigran Gambaryan, found himself remanded in the Kuje correctional centre by a Federal High Court in Abuja pending the determination of his bail application, following his plea of not guilty to money laundering charges brought against him by the Economic and Financial Crimes Commission (EFCC).
The trial judge, Justice Emeka Nwite, issued the order after Gambaryan’s plea in court on Monday. The EFCC had accused both Binance and Gambaryan, along with Nadeem Anjarwalla, who is currently at large, of concealing the source of $35,400,000 generated as revenue by Binance in Nigeria, allegedly knowing that the funds were proceeds of unlawful activity.
The proceedings hit a snag initially on April 4 when Gambaryan’s counsel, Mark Mordi, raised objections, arguing that Gambaryan could not be arraigned due to the EFCC’s failure to properly serve Binance Holdings Limited. Despite the objection, Justice Nwite ruled that the service on Gambaryan, as a representative of Binance, was proper according to Section 478 of the Administration of Criminal Justice Act.
Moreover, Gambaryan’s lawyer claimed that his client, along with Anjarwalla, had traveled to Nigeria to attend a meeting with government officials on behalf of Binance. Despite the charges being read and Gambaryan pleading not guilty, Mordi pleaded with the court for his client’s bail application, citing concerns over his client’s custody as a foreign national.
However, the prosecution counsel argued that Gambaryan’s detention was proper and that the correctional center was the appropriate place for him post-arraignment. Mordi, in the alternative, urged the court to consider keeping his client in EFCC custody.
The court is yet to determine Gambaryan’s bail application, and the trial date is pending. The case highlights the increasing scrutiny on cryptocurrency-related activities and the legal complexities surrounding such cases in Nigeria’s judicial system.
