As a seasoned crypto investor with a keen interest in the legal aspects of the industry, I find this development concerning. The denial of bail for Tigran Gambaryan, an executive of Binance, based on his flight risk, is a reminder of the potential risks involved in investing in cryptocurrencies and the regulatory challenges that come with it.
Expert: In Abuja’s Federal High Court, Justice Emeka Nwite has refused to grant bail to Tigran Gambaryan, an executive at Binance, a prominent crypto exchange. The judge raised apprehensions about the possibility of Gambaryan leaving the country if freed. Simultaneously, both Gambaryan and the company are dealing with a five-count accusation involving money laundering.
Reasons Behind Dismissal Of Binance Executive’s Bail Application
At the trial, both defendants asserted their innocence. Mark Mordi, acting on behalf of the defense team, petitioned for bail. He stressed the court’s power to set rigorous conditions to guarantee Gambaryan’s attendance and obedience throughout the proceedings. Furthermore, Mordi reminded the court that granting bail is a matter of discretion.
Despite the objections from prosecutor Ekele Iheanacho, however, the defense pushed for Gambaryan’s bail release. Iheanacho strongly disagreed, expressing concerns over Gambaryan’s potential to flee. He brought up that Gambaryan had recently made suspicious efforts to acquire a new passport, claiming his old one was stolen. This incident added to the concern, given a fellow suspect’s recent escape from custody.
Iheanacho argued that due to Gambaryan having no strong connections to any Nigerian community, there is a higher chance of him fleeing if released on bail. Considering this circumstance, Iheanacho believed it was prudent for the court to exercise caution in its decision-making process.
After carefully weighing the prosecution’s arguments, Justice Nwite decided to side with them. He underscored the gravity of the allegations and the possibility that Gambaryan could attempt to evade justice by leaving the jurisdiction. Therefore, he denied the bail request, mandating that Gambaryan remain in custody prior to additional court hearings.
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2024-05-17 14:53