Detained Binance executive denied bail request, deemed a flight risk by officials of the Economic and Financial Crimes Commission.
The EFCC has now moved against the bail request of the Binance executive, Tigran Gambaryan, thus asking the federal high court in Abuja to halt his bail application and to also adjourn the said hearing.
Detained Binance Executive Bail Request
The legal saga surrounding Binance, one of the world’s largest cryptocurrency exchanges, has taken a dramatic turn with the detention of two executives, Tigran Gambaryan and Nadeem Anjarwalla, by Nigeria’s Economic and Financial Crimes Commission (EFCC) on money laundering charges.
While Anjarwalla managed to escape custody, Gambaryan finds himself entangled in a complex legal battle, including a recent bail hearing that underscores the high stakes involved.
The Bail Request and Flight Risk Concerns
Gambaryan’s lawyer, Mark Mordi, has petitioned for his client’s release on bail, citing his plea of not guilty to the money laundering charges. However, the EFCC has raised concerns about Gambaryan being a flight risk, especially after his colleague’s successful escape from custody.
This concern has become a focal point in the bail hearing, with Gambaryan’s legal team vehemently disputing the characterization of their client as a flight risk.
Procedural Challenges and Prosecutorial Delays
Mordi has accused the EFCC of deliberately prolonging Gambaryan’s detention by delaying responses to bail requests. He highlighted instances where the prosecution took longer than the prescribed time to respond, alleging an abuse of prosecutorial powers.
However, the EFCC has defended its actions, arguing that it has adhered to procedural requirements and responded within a reasonable timeframe.
Courtroom Drama and Adjournment Requests
During the bail hearing, tensions ran high as both sides presented their arguments. The EFCC’s counsel, Ekele Iheanacho, sought an adjournment to file further counter-affidavits, emphasizing the need for a fair trial. Despite objections from Gambaryan’s legal team, the judge granted the adjournment, rescheduling the hearing for a later date.
Binance’s Support and Legal Strategy
Meanwhile, Binance has reiterated its support for Gambaryan, asserting that he holds no decision-making authority within the company. Binance emphasized Gambaryan’s background as a “strict law enforcement professional,” distancing him from any management responsibilities.
The cryptocurrency exchange has urged for a fair legal process while negotiations continue behind the scenes.
Conclusion
As Gambaryan awaits his fate in a Nigerian correctional facility, the legal battle surrounding Binance’s executives underscores the complexities of navigating regulatory landscapes in the cryptocurrency industry.
With the bail hearing postponed and extradition talks underway for Anjarwalla, the case continues to unfold, leaving stakeholders in the cryptocurrency community and legal observers alike on edge.
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