Nigerian Court Delays Bail Ruling for Binance Executive Until Next Month

The ongoing legal saga involving Binance executive Tigran Gambaryan in Nigeria has taken a new twist as a court has once again delayed ruling on his bail until next month. Gambaryan has been held in a Nigerian government safe house and prison for 79 days, with no end in sight to his ordeal.

The latest hearing in the case intensified the crisis for the crypto exchange, as lawyers argued over whether Gambaryan is a flight risk or simply a pawn in a larger legal battle. Prosecutors cited procedural errors for the delays in the bail ruling, while Gambaryan’s lawyer, Mark Mordi, accused the state of engaging in “state-sanctioned hostage-taking.”

Gambaryan, a US-based financial compliance executive, and his colleague Nadeem Anjarwalla were detained in Nigeria after talks broke down over allegations against Binance. Both men have been charged with money laundering and tax evasion, along with their employer, Binance, which is facing a wide-ranging investigation by the country’s anti-corruption agency.

During the bail hearing, the EFCC’s lawyer argued that Gambaryan was a flight risk and had attempted to procure a new US passport to escape the country. The EFCC accused Gambaryan of trying to flee at the same time as Anjarwalla, who managed to escape Nigeria with a second passport.

Mordi countered the EFCC’s claims, stating that his client was being used as leverage against Binance, which may have to pay a penalty to settle the charges. Binance has decried the allegations against its executives and expressed disappointment over Gambaryan’s continued detention in a prison facility that also holds terrorists.

The legal dispute between Binance and Nigerian officials has deepened, with the government blaming the exchange for the devaluation of its fiat currency, the naira. Binance has denied the allegations and has yet to retain legal representation in the proceedings.

As Gambaryan remains behind bars, the crypto community awaits the next chapter in this high-stakes legal battle that has captured international attention. Stay tuned for updates on this developing story.