Binance executive denied bail in Nigeria

The courts adjourned the trials against Binance and Tigran Gambaryan until May 22 and May 23

article-image

ANTON ZUBCHEVSKYI/Shutterstock modified by Blockworks

share

A Nigerian court has refused Binance executive Tigran Gambaryan’s bail application, a family spokesperson told Blockworks.

The bail was denied on the grounds that the court believed Gambaryan could “jump bail,” though, per the spokesperson, he lacks a passport. The court was previously assured that Gambaryan wouldn’t flee. However, his colleague — Nadeem Anjarwalla — notably escaped Nigerian detention earlier this year. 

“I truly cannot believe that my innocent husband is now — on his 40th birthday — having to face a trial for charges that he has nothing to do with. The whole world is watching what he is being put through and I just pray that common sense and justice will prevail and that Tigran will be allowed to come home to us,” Yuki Gambaryan, his wife, said in a statement.

The court also ruled that keeping Gambaryan in custody would help to speed up the trial he faces. Gambaryan is being held at the Kuje Correctional Facility.

The bail hearing wasn’t the only case heard involving Gambaryan on Friday. The courts also heard the government’s charges of tax evasion, which were filed against both Binance and Gambaryan. 

Read more: Nigerian court postpones another Binance case to May 17

In the tax evasion case, the court adjourned until May 22 for arraignment after prosecutors filed an amended charge. 

The court adjourned until May 23 in the case charging Binance and Gambaryan with money laundering, following a request from Gambaryan’s lawyers. 

The first witness, Nigerian Securities and Exchange Commission’s Abdulkadir Abbas, took the stand in the case and will be cross-examined by Gambaryan’s lawyers when the court’s in session next week.

“We are deeply disappointed that Tigran Gambaryan, who has no decision-making power in the company, continues to be detained,” a Binance spokesperson told Blockworks.

“Tigran has been dedicated to public service and fighting crime for most of his life. These charges against him are completely meritless. He should be freed while discussions continue between Binance and Nigerian government officials.”

Binance came under scrutiny by Nigeria earlier this year. Gambaryan and his colleague Anjarwalla flew to meet with the government and were later detained. 

Binance has since ended support for the Nigerian naira.

Garba Umar of Interpol Africa said earlier this month that the agency drafted paperwork for Nadeem Anjarwalla, though a red notice — which informs law enforcement that the individual is wanted for arrest — has yet to be filed. 


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

recent research

Unlocked Advisory-min.png

Research

This report distills Blockworks Advisory’s research on incentive programs and their analysis, offering a foundation for designing future initiatives and advancing industry-wide standards. By highlighting key lessons and methodologies, we aim to empower protocols to make informed, data-driven decisions.

article-image

The company did about 2.5 times the amount of crypto-backed collateral financing in November compared to the rest of 2024, exec says

article-image

Programmable yield, seamless swaps and decentralized control are the hallmarks of a new stablecoin model

article-image

Crypto is “really exciting,” former SEC Commissioner Paul Atkins said in a podcast interview last year

article-image

Bitcoin is now the “seventh most valuable asset in the world by market cap, just behind the likes of Google and Amazon,” GSR’s Brian Rudick said

article-image

Many analysts expected bitcoin to top $100K before year-end, though it’s been on a post-election tear

article-image

Will investors take a 10% lower return to get access to a regulated investment wrapper?