News

Binance Exec Denied Bail in Nigerian Court

Tigran Gambaryan has been detained for nearly 3 months.

May 17, 2024 • 1 min read

Justice Emeka Nwite of Nigeria's Federal High Court has denied bail to Binance executive Tigran Gambaryan, deeming him a flight risk.

What's the scoop?

Court Ruling and Charges: The Nigerian court refused to grant Gambaryan bail, who faces money laundering and tax violation charges.
Background and Detention: Gambaryan has been detained since late February, when he arrived in Nigeria with Binance’s Africa regional manager, Nadeem Anjarwalla, to discuss the company's operations with the Nigerian government.
Trial Ongoing: The trial began on Friday with Gambaryan pleading not guilty to money laundering.

Bankless Take:

Nigeria's refusal to grant bail to Binance's Tigran Gambaryan highlights a concerning precedent. Detaining employees invited for policy discussions is kidnapping, setting a dangerous standard for international business interactions. As a country notorious for corruption, Nigeria’s continued detention of Gambaryan, a U.S. citizen and financial crime compliance officer, should spark serious concern and calls for intervention. Sadly, given the relationship between the U.S. and Binance, the U.S. may not be quick to intervene.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

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