The legal team representing the Binance executive expressed frustration over the delay in the hearing for his bail application. Tigran Gambaryan, a senior executive at Binance, found himself caught in a legal battle with Nigeria's EFCC as his bail application hearing was postponed once again.

The Federal High Court in Abuja decided to adjourn Gambaryan's case after the EFCC's lawyer requested more time to address new issues raised by Gambaryan's defense team. The presiding judge, Justice Emeka Nwite, granted the request for an adjournment made by the EFCC's lawyer, E. Iheanacho.

During the court proceedings, Iheanacho explained that he needed more time to respond to the new points raised by Gambaryan's defense team, citing a recently submitted affidavit from the executive's defense. He emphasized the importance of a fair hearing and stated that rushed justice could lead to justice being denied.

The delay in the hearing compounds the legal difficulties facing the Binance executive, who has been in custody since pleading not guilty to charges of money laundering. It is alleged that he helped Binance conceal $35.4 million in revenue from illegal activities in Nigeria. Gambaryan's lawyer, Mark Mordi, argued for his client's release, highlighting the lack of response from the prosecution to the new affidavit filed on April 16. The judge agreed to postpone the hearing to allow the prosecution to respond properly. The next court date is scheduled for April 22.

Amidst ongoing legal challenges, cryptocurrency platforms like Binance had gained popularity for trading the Nigerian naira, despite the country's persistent dollar shortages. Nigerian authorities accused Binance of worsening the country's currency woes, a claim strongly refuted by the exchange.

The EFCC intensified its investigation and brought charges against Binance Holdings Limited, Gambaryan, and another company executive, Nadeem Anjarwalla. As part of the crackdown on suspected money laundering activities connected to Binance, the exchange stopped all naira transactions, effectively exiting the Nigerian market.

Anjarwalla, who was being sought by authorities in Nigeria, was eventually traced to Kenya after fleeing the country. He managed to board a flight from Abuja to a Middle Eastern destination despite having his UK passport confiscated. Nigerian authorities are currently collaborating with Interpol and Kenya to extradite Anjarwalla back to Nigeria, where he is expected to face charges related to alleged currency manipulation and facilitating illicit financial transactions through Binance.