The legal team representing Tigran Gambaryan, a top executive at Binance, voiced concerns over his prolonged detention at the Kuje correctional centre despite pending bail proceedings before the Federal High Court, Abuja.
Mark Mordi SAN, Gambaryan’s lawyer, expressed dismay over his client’s continued incarceration, emphasising the unfairness of the situation during a recent court session by Justice Emeka Nwite.
The court had previously adjourned proceedings to allow the Economic and Financial Crimes Commission (EFCC) more time to respond to issues raised by the defence in Gambaryan’s bail application.
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Binance Legal Dispute and New Developments
Gambaryan’s legal team had urged the court to grant him bail on liberal terms, highlighting the extended duration of his detention without resolution.
During the latest court session, the EFCC informed Justice Nwite of receiving a further affidavit from Gambaryan’s defence, requesting time to review its contents before responding adequately.
In response, Modi stressed the urgency of the matter, emphasising his client’s prolonged incarceration and the need for a prompt resolution.
Justice Nwite, while acknowledging the importance of due process, opted to adjourn the proceedings to ensure fairness and adherence to legal protocols. He cited an upcoming conference at the National Judicial Institute as a factor influencing the scheduling of further proceedings.
The case was subsequently adjourned to April 23, 2024, for the hearing of Gambaryan’s bail application, allowing both parties to prepare adequately within the stipulated time frame.
As the legal battle continues, concerns mount over the delayed resolution of Gambaryan’s bail application and the broader implications for Binance amidst ongoing regulatory scrutiny.
With the date for the bail hearing set, stakeholders await further developments in this high-profile case, underscoring the significance of legal proceedings in shaping the future trajectory of the cryptocurrency industry.
Background of Finance Ordeal
The Binance saga in Nigeria began in September 2023 when Nigeria’s Securities and Exchange Commission (SEC) placed a disclaimer on Binance Nigeria Limited, stating that the platform was neither registered nor regulated. In response, Binance stated it was working with local authorities, lawmakers, and regulators to ensure compliance. However, in March 2024, the Nigerian government blocked the online platforms of Binance and other crypto firms to avert alleged criminal activities on these platforms.
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The Nigerian government then detained two executives of Finance, Tigran Gambaryan and Nadeem Anjarwalla, who were in the country to negotiate with the authorities amid the crackdown. The executives were held for at least twelve days, and the investigation was taken over by the Economic and Financial Crimes Commission (EFCC). The Nigerian government also demanded that Finance disclose its top 100 users in the country and all transaction history spanning the past six months.
The Nigerian government accused Binance of operating illegally and facilitating “illicit flows from sources and users we cannot adequately identify,” amounting to $26 billion. The detained executives may face charges related to currency manipulation, tax evasion, and illegal operations. However, as of Tuesday, none of the executives had been formally charged with criminal offences.
Binance, in response to the heightened regulatory scrutiny, discontinued its naira (NGN) services last week. Nigeria’s request for Binance’s top users in the country is the new focal point in negotiations between the largest crypto platform and Africa’s top crypto market. The ongoing legal dispute between Binance and Nigeria is still unresolved, with Nigeria’s parliament threatening to issue a warrant of arrest for the company’s executives and summoning Binance CEO Richard Teng to explain investigations into the company’s alleged involvement in money laundering and terror financing.
