Binance Executive’s Freedom in Limbo as Court Delays Bail Decision

Court Delays Ruling on Binance Executive’s Bail Application Until October 9.

A Federal High Court in Abuja has postponed its ruling on a fresh bail application filed by Tigran Gambaryan, an executive of Binance Holdings Limited, until October 9, 2024. Gambaryan is facing criminal charges alongside his company for alleged tax evasion, currency speculation, and money laundering to the tune of $34.4 million.

The defense counsel, Mark Mordi, requested the court to grant Gambaryan bail due to his deteriorating health, citing medical reports that show he requires urgent medical attention. However, the prosecution counsel, Ekele Iheanacho, opposed the application, presenting a counter-affidavit and exhibits that suggest Gambaryan is receiving adequate medical care in Niger

Iheanacho argued that Gambaryan’s refusal of treatment and medication at the State House Clinic indicates that he is healthy and attempting to manipulate the court. He urged the court to dismiss the fresh bail application, citing Section 124(1) (a) of the Evidence Act 2011 and a Supreme Court decision in Joshua Dariye vs FRN.

Justice Emeka Nwite adjourned the matter until October 9, 2024, for a ruling on the bail application and continuation of the trial.

Gambaryan’s legal team had argued that his health was deteriorating and that he required urgent medical attention that could not be provided in Nigeria. However, the prosecution countered that Gambaryan had been receiving adequate medical care in Nigeria and that his claims of ill health were a ploy to avoid trial.

The case has sparked widespread interest due to the high-profile nature of the defendants and the severity of the charges. Binance Holdings Limited is a leading cryptocurrency exchange, and Gambaryan’s involvement has raised questions about the company’s practices and compliance with regulatory requirements.

The delay in the ruling has added to the uncertainty surrounding the case, with many observers eagerly awaiting the court’s decision. The outcome of the bail application will have significant implications for Gambaryan’s ability to defend himself against the charges and for the overall trajectory of the case.

As the court prepares to deliver its ruling, both sides are bracing themselves for the outcome. The prosecution is confident that it has presented a strong case against Gambaryan, while the defense is hopeful that the court will recognize the need for Gambaryan to receive medical attention outside of Nigeria.

The case highlights the complexities and challenges of prosecuting high-profile cases in Nigeria, particularly those involving complex financial crimes. The outcome of the case will be closely watched by legal experts, financial analysts, and cryptocurrency enthusiasts around the world.