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A Nigerian court denies bail for Binance executive Tigran Gambaryan

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Binance CEO Tigran Gambaryan was denied bail by a Nigerian court

Binance CEO Tigran Gambaryan was denied bail by a Nigerian court, a family representative said. The judge delayed Binance and Gambaryan’s trials until May 22 and 23.

Despite assurances that Gambaryan has no passport, the judge refused bail amid worries he would leave. After his colleague Nadeem Anjarwalla fled incarceration earlier this year, the court worried.

Gambaryan’s wife, Yuki, said, “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 world is witnessing what he’s going through, and I wish for common reason and justice to prevail and let Tigran return home.”

Gambaryan is in Kuje Correctional Facility because the court said it would speed up his trial. Other allegations against Gambaryan and Binance included tax evasion on Friday. The judge deferred this case until May 22 for arraignment after prosecutors modified the charges.

Gambaryan’s attorneys sought a delay in the money laundering case until May 23. Next week, Nigerian Securities and Exchange Commission testifier Abdulkadir Abbas will be cross-examined.

A Binance representative voiced disappointment: “Tigran Gambaryan, who has no decision-making power in the company, remains detained.

Tigran has spent his life battling crime and serving the people. The allegations against him are baseless. He should be released while Binance and Nigerian authorities negotiate.”

Nigerian authorities investigated Binance earlier this year. In Nigeria for meetings, Gambaryan and Anjarwalla were imprisoned. After that, Binance ceased supporting the naira.

Garba Umar of Interpol Africa says the organization completed documentation for Anjarwalla, but a red notice has not been lodged.

Gambaryan’s case is well-known. Binance’s legal challenges are complicated and high-stakes, since the judge denied bail and accelerated the trial. These cases hinge on May 22 and 23 sessions.

Legal battles deepen as Binance and Gambaryan face tax evasion and money laundering charges. Companies and executives are trying to cleanse their identities and assure fairness.

Crypto enthusiasts and others are following this scenario worldwide. Gambaryan’s incarceration and Binance’s legal troubles show cryptocurrency firms’ worldwide regulatory and legal concerns.

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