Nigerian Court in Abuja is currently in the spotlight as it reviews the bail application of Tigran Gambaryan, a Binance Holdings Ltd. executive. Gambaryan, the head of financial crime compliance at Binance, has been detained in Nigeria for over six months.
The court proceedings on Wednesday extended for several hours, after which the judge announced that a decision on the bail would be made later next month.
Nigerian Court Delays Bail For Binance Executive To October 9
The Nigerian Court heard extensive arguments concerning the bail request of Tigran Gambaryan. During the session, the crypto exchange executive’s legal representation emphasized his deteriorating health condition, underscoring the urgent need for surgical intervention.
The legal team claimed his health could not be adequately addressed within the medical facilities available to him in detention. The defense further argued that these circumstances justify the granting of bail on medical grounds.
In contrast, the state prosecutor countered these claims by insisting that Gambaryan has received appropriate medical care, including services at a well-equipped hospital in Abuja.
Further, the prosecutor’s stance highlights the government’s position that Gambaryan’s health needs are being met. This challenges the necessity of bail on the grounds presented by the defense. The judge finally stated that a decision on the bail would be made on October 9.
Binance Legal Battle and International Concerns
The case has attracted significant international attention due to the circumstances surrounding the Binance executive arrest and detention. In February, the executive was detained along with a colleague during a visit to discuss compliance issues.
More so, the situation escalated following the colleague’s escape and subsequent charges against Gambaryan. Nigeria Economic and Financial Crimes Commission brought the charges, which include currency manipulation and money laundering.
This incident has strained relations and led to accusations from Binance. The exchange claims that Nigerian authorities demanded a clandestine payment to resolve the company’s legal troubles, a claim Nigeria denies.
In addition, just last week, Binance CEO Richard Teng denied Nigeria’s claim of $26 billion made in revenue in 2023 as reported by the courts. He also called for the humanitarian release of the detained executive.
Moreover, this dispute has drawn scrutiny from international observers and prompted intervention from US lawmakers, who have urged the US government to assist in resolving his detainment. The outcome remains uncertain as the Nigerian Court deliberates on the bail application.
Binance continues to face legal challenges even as its co-founder, Changpeng Zhao, expects release on September 29. The court sentenced him to four months for violations of anti-money laundering laws. Recently, a judge issued a minor order as ten attorneys representing Changpeng withdrew from the lawsuit.
The post Will Nigerian Court Grant Bail To Detained Binance Executive? appeared first on CoinGape.
Earn more CFN tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://cryptoforum.news0
CFN Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed