The Federal High Court in Abuja, Nigeria, has rejected the bail application of Tigran Gambaryan, an executive at Binance, a prominent cryptocurrency exchange, amidst allegations of crypto money laundering.

Justice Emeka Nwite of the Federal High Court in Abuja declined bail for Tigran Gambaryan, citing concerns about the possibility of him fleeing if released. Gambaryan, along with the company, faces charges related to money laundering, prompting the court's decision to deny bail.

During the court proceedings, Gambaryan and the co-defendant pleaded not guilty, with the defense counsel advocating for bail. Despite arguments emphasizing the court's ability to impose strict conditions to ensure compliance, the prosecution vehemently opposed the bail application, citing Gambaryan's perceived flight risk. The prosecution highlighted suspicious attempts by Gambaryan to obtain a new passport and lack of significant ties to the Nigerian community as factors supporting their stance against bail.

Justice Nwite, considering the gravity of the charges and the risk of flight, ruled in favor of the prosecution, denying the bail application and ordering Gambaryan to remain in custody. The court's decision was influenced by concerns about potential attempts to conceal evidence and interfere with the trial, as well as Gambaryan's colleague's escape from custody.

The judge noted Gambaryan's involvement in meetings with Nigerian government officials on behalf of Binance, as well as allegations of the exchange's activities violating foreign exchange regulations, impacting the Naira's value. The court's decision to deny bail aimed to prevent Gambaryan from fleeing the country's jurisdiction, given the seriousness of the charges and the potential risks associated with his release.

The accusations against Binance, Gambaryan, and Nadeem Anjarwalla, who is currently a fugitive, involve the concealment of financial proceeds from alleged unlawful activities in Nigeria, amounting to $35,400,000. These allegations fall under the Money Laundering (Prevention and Prohibition) Act, 2022, highlighting the complexities and legal implications surrounding the case.