A Nigerian High Court in Abuja has ordered that detained Binance executive Tigran Gambaryan be jailed following the postponement of his bail hearing.
Gambaryan, a U.S. citizen, pleaded not guilty to money laundering earlier today and will remain in custody until his bail hearing on April 18. The trial will begin on May 2 and in the meantime he will be held at the Kuje Correctional Center, one of the largest prisons in the country’s capital.
Today’s court appearance follows the arrest of Gambaryan more than six weeks ago, along with another Binance executive, Nadeem Anjarwalla, over the exchange’s alleged involvement in exacerbating Nigeria’s currency problems. Anjarwalla escaped custody last month but is being tried in absentia.
Binance has not yet responded Crypto Slates request for comment as of press time.
Why Gambaryan was sent back
Gambaryan faces multiple charges, including five counts of money laundering. His legal advisor stated that he should not bear responsibility for Binance’s actions, and emphasized his limited decision-making role within the exchange.
However, Judge Emeka Nwite rejected this argument, citing Gambaryan’s previous representation of Binance in Nigeria. Notably, Binance said Gambaryan had previously facilitated a training session for Nigerian law enforcement officers on detecting crypto fraud.
Furthermore, the judge highlighted the affidavit of Gambaryan and Anjarwalla confirming their presence in Nigeria since February, acting as representatives of the crypto exchange company.
Consequently, the judge found Gambaryan’s refusal to acknowledge the allegations on behalf of Binance to be unlawful.
The judge further rejected Gambaryan’s lawyer’s request to have him detained under the prosecutor’s office, the Economic and Financial Crimes Commission. The judge reports ruled that Gambaryan should be held in Kuje because there have been “Nigerians who had been convicted in the US and held in their prisons.”
The post Nigerian Court Orders Binance CEO to Remain in Jail Despite Not Guilty Plea appeared first on CryptoSlate.