Federal High Court Justice Emeka Nwite, sitting in Abuja, has ordered the detention of Tigran Gambaryan, an executive at Binance, in the Kuje Correctional Centre pending the outcome of his bail application.
Gambaryan pleaded not guilty to money laundering charges brought against him by the Economic and Financial Crimes Commission (EFCC). The judge set April 18, 2024, to decide on his bail application and scheduled the trial to commence on May 2.
Binance Holdings Limited, a cryptocurrency firm, and Gambaryan, its head of financial crime compliance, were arraigned by the EFCC on a five-count charge related to money laundering amounting to $35.4 million. The charges allege that between January 2023 and January 2024, the defendants engaged in specialized financial activities without the required license, contravening Sections 57(1) and (2) of the Banks and Other Financial Institutions Act, 2020, punishable under Section 57(5) of the same Act.
Justice Nwite previously instructed Binance Holdings Limited to provide comprehensive data on Nigerian users trading on its platform following an ex-parte motion by the EFCC. The commission claims to have discovered users manipulating markets, causing significant distortions leading to the devaluation of the Naira against other currencies.
