Nigeria denies bail, Binance executive jailed

In a recent development from Nigeria, the Federal High Court in Abuja has postponed the bail hearing for Binance executive Tigran Gambaryan to April 22. Originally set for April 18, this delay follows the submission of a new affidavit by Gambaryan's defense.

During a session, the Economic and Financial Crimes Commission (EFCC) acknowledged the receipt of this late document on April 16. E. Iheanacho, representing the EFCC, noted the necessity for additional time to properly address these new arguments aimed at securing Gambaryan’s release.

Presiding Justice Emeka Nwite concurred, granting the postponement. The defense, led by Mark Mordi, expressed frustration over the delay, highlighting the prolonged custody of Gambaryan beyond the typical 14-day period without a formal response to their latest submission.

Gambaryan, who pleaded not guilty, faces charges related to the alleged laundering of $35.4 million, purportedly from illicit activities. The EFCC's claims extend to Binance and Nadeem Anjarwalla, suggesting a concealment of the origins of significant funds in Nigeria.

Parallel to this, Gambaryan has initiated a lawsuit against the Nigerian government, claiming violations of his human rights, specifically the illegal detention and seizure of his passport, asserting these actions contravene the Nigerian constitution’s protection of personal liberty.

These legal challenges for Gambaryan and Binance do not end here. They are also embroiled in a lawsuit with the Federal Inland Revenue Service over accusations of tax evasion and face additional scrutiny from the EFCC regarding foreign exchange infractions.

This intricate legal battle unfolds as the Nigerian government intensifies its clampdown on cryptocurrency operations, citing concerns over currency speculation. This policy led to the arrest of Gambaryan and Anjarwalla, though Anjarwalla has since fled using falsified documents.