The Federal High Court in Abuja, Nigeria, has dealt a significant blow to Tigran Gambaryan, an executive at Binance, one of the cryptocurrency industry's leading exchanges. Gambaryan's bail application was recently rejected amidst serious allegations of involvement in crypto money laundering.

Justice Emeka Nwite presiding over the Federal High Court in Abuja, made the decision to deny bail for Tigran Gambaryan, expressing apprehensions regarding the possibility of him absconding if released. Gambaryan, alongside the company, faces charges related to money laundering, prompting the court's stern stance against granting bail.

Throughout the court proceedings, Gambaryan and his co-defendant maintained their innocence, with their defense counsel staunchly advocating for bail. However, despite arguments highlighting the court's ability to impose stringent conditions to ensure compliance, the prosecution adamantly opposed the bail application, citing Gambaryan's perceived flight risk. Notably, the prosecution underscored Gambaryan's suspicious attempts to acquire a new passport and his purported lack of substantial ties to the Nigerian community as factors bolstering their argument against bail.

Justice Nwite, considering the gravity of the charges and the potential for flight, ruled in favor of the prosecution, denying the bail application and ordering Gambaryan to remain in custody. The court's decision was heavily influenced by concerns surrounding potential efforts to tamper with evidence and disrupt the trial, especially in light of Gambaryan's colleague's escape from custody.

The judge highlighted Gambaryan's participation in meetings with Nigerian government officials on behalf of Binance, along with allegations of the exchange's activities contravening foreign exchange regulations, thereby impacting the value of the Naira. The denial of bail aimed to prevent Gambaryan from fleeing the country's jurisdiction, considering the gravity of the charges and the potential risks associated with his release.

The accusations leveled against Binance, Gambaryan, and Nadeem Anjarwalla, who is currently a fugitive, revolve around the purported concealment of financial proceeds from alleged unlawful activities in Nigeria, totaling $35,400,000. These allegations fall under the Money Laundering (Prevention and Prohibition) Act, 2022, underscoring the intricate legal landscape and profound ramifications surrounding the case.