Court Blocks Binance Exec’s Bail: Money Laundering Case Deepens

• Nigerian court denies Binance exec’s bail, citing abuse of process.
• EFCC challenges claims about Tigran Gambaryan’s health, and says Nigerian hospitals can treat him.
• Gambaryan faces serious money laundering charges, remains detained.

A Nigerian court has denied a new bail request from Binance executive Tigran Gambaryan, who remains in custody on money laundering charges.

Justice Emeka Nwite of the Federal High Court in Abuja announced the decision, referencing Gambaryan’s first bail appeal, which is still pending. The Binance executive had previously requested bail due to health concerns. Nwite stated that filing a new application is an abuse of the legal process.

Gambaryan’s legal team has been pushing for his release, citing worsening health, including a severe disk problem that requires surgery. Despite medical reports from the State House Annex Clinic recommending surgery, the Economic and Financial Crimes Commission (EFCC) disputed the need for surgery.

Read also : Nigeria Accuses Binance of Terrorism Financing and Money Laundering

The EFCC argued that Nigerian medical facilities are capable of providing adequate care for Gambaryan and presented a report from Nizamiye Hospital to counter the claims made by his legal team. According to the EFCC, Gambaryan is not in critical condition and can receive appropriate treatment within the country.

Gambaryan, head of Binance’s financial crime compliance, was arrested by the EFCC on charges related to money laundering. His defense claims his health is deteriorating, describing him as unable to walk without medical assistance. However, the court has denied his release due to the ongoing legal appeals.

Binance Faces Nigerian Scrutiny For Missing Hearings

The Nigerian government has accused Binance of terrorism financing and money laundering, issuing several legal notices to the exchange since 2023. Ginger Onwusibe, Chairman of the House of Representatives Committee on Financial Crimes, has summoned Binance’s current CEO, Richard Teng, regarding these allegations.

Onwusibe gave Binance a seven-day ultimatum to appear before the committee on or before March 4 to address allegations of “suspicious flows” on the platform. The committee warned that it would take action against Binance if it continued to ignore the summons.

The rejection of Gambaryan’s second bail request has further escalated the legal battle between the Nigerian government and Binance.