In a significant development, a Federal High Court in Abuja has refused the bail application of Tigran Gambaryan, an executive of a cryptocurrency firm. This decision comes as Gambaryan faces charges of money laundering and terrorism financing alongside his company, Binance Holdings Limited, and another top executive, Nadeem Anjarwalla, who is currently evading authorities.
Justice Emeka Nwite, presiding over the case, delivered the ruling, stating that after careful consideration of the bail application, he concluded that granting bail to Gambaryan could result in him absconding. The judge’s decision reflects concerns about the flight risk posed by the defendant if released on bail.
The charges against Gambaryan and his associates stem from allegations made by the Economic and Financial Crimes Commission (EFCC). The EFCC accuses them of involvement in money laundering and financing activities linked to terrorism, marking a serious legal battle for the cryptocurrency firm and its executives.
This development adds to the ongoing legal troubles faced by Binance, as regulatory scrutiny around the world intensifies regarding cryptocurrency exchanges and their compliance with anti-money laundering and counter-terrorism financing regulations.
The denial of bail underscores the gravity of the accusations against Gambaryan and highlights the determination of law enforcement agencies to pursue justice in cases involving financial crimes and terrorism financing.
