COURT DENIES BINANCE EXECUTIVE BAIL

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COURT DENIES BINANCE EXECUTIVE BAIL

A Federal High Court in Abuja has refused to grant bail to Tigran Gambaryan, an executive of Binance Holdings Limited, a cryptocurrency firm.

The judge, Emeka Nwite, held that the reason for declining to grant Gambaryan bail is because he is likely to “jump bail” if granted.

The Economic and Financial Crimes Commission is prosecuting Gambaryan alongside Binance Holdings Ltd and Nadeem Anjarwalla, (currently at large) on a five-count charge bordering on alleged tax evasion, currency speculation and money laundering to tune of $34,400,000. The defendants deny any wrongdoing.

In his ruling, the judge said several factors including the nature of offence and its severity must be considered when trying to decide whether or not bail should be granted to the defendant.

After the ruling, the EFCC called its first witness, a staff of the Securities and Exchange Commission who said the operations of Binance in Nigeria is unlawful because it is unregistered and unregulated.The witness further said the activities of Binance in Nigeria negatively affected the value of the Naira in the foreign exchange market.

  • Dons Eze

    DONS EZE, PhD, Political Philosopher and Journalist of over four decades standing, worked in several newspaper houses across the country, and rose to the positions of Editor and General Manager. A UNESCO Fellow in Journalism, Dr. Dons Eze, a prolific writer and author of many books, attended several courses on Journalism and Communication in both Nigeria and overseas, including a Postgraduate Course on Journalism at Warsaw, Poland; Strategic Communication and Practical Communication Approach at RIPA International, London, the United Kingdom, among others.

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