A Nigerian High Court has refused bail to Binance executive Tigran Gambaryan, expressing concerns over the possibility of him leaving the country.

Gambaryan, who celebrates his 40th birthday today, has been in Nigerian government custody since February. Noah Perlman, Binance's chief compliance officer, commented on his detention, stating:

"On this rather unfortunate birthday, let's not forget that Tigran Gambaryan has dedicated much of his life to public service and combating crime. The charges against him lack merit entirely. He deserves release while discussions between Binance and Nigerian authorities continue."

Bail request denied

The prosecutors' lawyer, Ekele Iheanacho, strongly opposed Gambaryan's bail plea. He highlighted Gambaryan's recent attempt to acquire a new passport under suspicious circumstances, claiming that his previous one was stolen.

Iheanacho also argued that Gambaryan lacks significant ties to any Nigerian community and cautioned that granting bail could result in his disappearance.

The judge sided with the prosecution, stressing that the seriousness of the offense must be taken into account when considering bail.

Potential harm to reputation?

Meanwhile, the ongoing prosecution of Binance and its executives in Nigeria could have significant repercussions for the growth of the burgeoning crypto industry, experts caution.

Adebayo Juwon, co-founder of Finna Protocol, expressed to CryptoSlate that this situation might dissuade Web3 companies from entering Nigeria, viewing it as unwelcoming to new technologies. Juwon elaborated:

"Web3 is still in its infancy with immense potential to enhance any country's economy. Investors are observing, and other Web3 startups are monitoring how the government handles this Binance saga. I must admit, the future of Web3 in Nigeria is under scrutiny as the country is now perceived as unfriendly to emerging technologies."

Conversely, Oladotun Wilfred, CMO of Flincap, maintains optimism. He believes that any damage to reputation can be repaired and that the conflict will not impede crypto adoption in Nigeria. Wilfred remarked:

"The country might not receive a favorable image from the international crypto market due to these events. However, it's not the worst-case scenario. The country has overcome even more challenging situations. We can change the narrative by highlighting that we are among the largest users of cryptocurrency and adopters of blockchain worldwide. It's normal to encounter a few controversies in a place experiencing such massive growth."