Tigran Gambaryan, a Binance executive, has been denied bail by Justice Emeka Nwite of the Federal High Court in Abuja, Nigeria. Gambaryan faces charges of money laundering and tax violations alongside Binance. The prosecution argued that Gambaryan posed a flight risk, which the judge agreed with, citing the severity of the offense as a factor in the decision.

Gambaryan's trial began on Friday, and he has been detained in Nigeria since his arrival in late February. He entered the country to discuss Binance's operations with the government. The Nigerian Economic and Financial Crimes Commission is prosecuting the money laundering case, while the Federal Inland Revenue Service is handling the tax violation charge. Gambaryan pleaded not guilty to the money laundering charge on April 8.

A Binance spokesperson expressed disappointment at Gambaryan's continued detention, stating that he has no decision-making power in the company and has dedicated his life to public service and fighting crime. The spokesperson called the charges meritless and advocated for his release while discussions continue between Binance and Nigerian government officials.

Binance CEO Richard Teng has also spoken out, calling for Gambaryan's release and stating that the compliance officer is innocent. Gambaryan, a U.S. citizen, and Nadeem Anjarwalla, Binance's Africa regional manager, were detained on February 26 and charged with tax evasion and money laundering on February 28. Anjarwalla later escaped from custody on March 22.

Teng expressed concern that detaining mid-level employees for collaborative policy meetings sets a dangerous precedent for companies worldwide. The case has raised concerns about the treatment of foreign executives in Nigeria and the potential implications for international business relations.