Binance Bail Application Rejected – Court
In a Federal High Court in Abuja, the detained Binance Holdings Limited executive, Tigran Gambaryan, was dealt a blow as his fresh application for bail was dismissed on grounds of abuse of court process.
Justice Emeka Nwite was of the view that Gambaryan’s motion could not be granted when a pending appeal against an earlier ruling on his bail application was still at the Court of Appeal.
Highlighting Gambaryan’s failure to withdraw the appeal, the judge held that the act amounted to a misuse of the court process.
Justice Nwite further held that Gambaryan’s allegations of ill-health were not sufficient to warrant a second bail application, stressing that the Nigerian Correctional Service (NCoS) had the capacity to treat the detained Binance executive.
The judge, however, granted a concession to Gambaryan, ordering the NCoS to refer him to a standard hospital in Abuja for medical attention for a period of two to three days.
The dismissal of Gambaryan’s second bail application is seen as a setback for the Binance executive, whose legal team had sought to secure his release on health grounds.
The Economic and Financial Crimes Commission (EFCC), represented by Ekele Iheanacho, SAN, had opposed the bail application, arguing that Gambaryan was receiving adequate medical treatment while in custody and that his health was not as dire as being portrayed.
The court’s ruling to deny bail appears to have been informed by these arguments, and Gambaryan will now have to continue his legal battle while in detention.
As the legal battle continues, the saga surrounding the Binance executive’s detention has drawn wider attention to issues of corporate responsibility and financial crime in the cryptocurrency industry.
Binance, one of the world’s largest cryptocurrency exchanges, has come under increasing scrutiny in recent years, facing allegations of money laundering and other illegal activities.
Gambaryan’s case, in particular, has highlighted the potential consequences of engaging in such activities, underscoring the need for greater transparency and accountability in the cryptocurrency space.
The case of Tigran Gambaryan highlights the complex relationship between technology, finance, and the law, raising important questions about the nature of cryptocurrency and its regulation.
As digital currencies become increasingly mainstream, governments and regulators are faced with the difficult task of balancing innovation and growth with the need to prevent illicit activities such as money laundering and fraud.
The Gambaryan case serves as a cautionary tale for those operating in the cryptocurrency industry, reminding them that the legal landscape is still evolving and that they must remain vigilant and adhere to the highest standards of transparency and accountability.
References and Citations:
- PremiumTimes – Court rejects binance executives fresh bail request
- TheNation – Court reject binance executives fresh bail plea
- Nairametrics – Nigerian court reject ‘sick Binance executive Gambaryans second bail
