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Binance calls charges ‘meritless’ after Abuja court denied employee bail

Cryptocurrency exchange Binance has condemned the Federal High Court’s refusal to grant bail to its employee, Tigran Gambaryan.



In a statement, the crypto exchange labelled the decision unjustified and requested that the charges against Gambaryan be dropped.


Justice Emeka Nwite, delivering the ruling in Abuja on Friday, held that the bail application was refused as he had carefully reviewed the application and determined that Gambaryan would likely jump bail if granted.


The court ruled that Binance could be served with the Federal Inland Revenue Service tax evasion charge through GambaryanGambaryan’s lawyers objected, stating they needed to review the amended charge to advise him on taking his plea.


The court agreed to adjourn the matter to May 22.


Binance asserted that Gambaryan, who had no decision-making power in the company, was innocent and had dedicated his life to public service and fighting crime.We are deeply disappointed that Tigran Gambaryan, who has no decision-making power in the company, continues to be detained. 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,” the exchange stated.Gambaryan, who has been detained since February, faces charges of money laundering and terrorism financing alongside his company and fellow executive Nadeem Anjarwalla, who is currently on the run.


The charges were brought by the Economic and Financial Crimes Commission.


In another separate statement, Gambaryan’s wife, Yuki Gambaryan, lamented, “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 commonsense and justice will prevail and that Tigran will be allowed to come home to us.”


A few weeks ago, the Chief Executive Officer of Binance, Richard Teng, described the detention of Gambaryan by the Nigerian government as ‘unjust’ and that it was a “dangerous precedent” for international businesses.The Binance CEO declared that inviting a company’s mid-level employees for collaborative policy meetings, only to detain them, had set a dangerous new precedent for all companies worldwide.


“The message from the Nigerian government is clear: we must detain an innocent, mid-level employee, a former U.S. federal agent, and place him in a dangerous prison to control Binance.


“This regrettable turn of events contradicts the spirit of cooperation and transparency that Binance has consistently demonstrated in its interactions with the regulatory authorities,” Teng added.

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