On May 17, the Federal High Court in Abuja rejected a bail application for Tigran Gambaryan, Vice President of Global Intelligence and Investigations at cryptocurrency exchange Binance, according to local media.
Reports indicate that the judge, after a thorough review of the application, concluded that the accused would not appear in court if released on bail.
Earlier, Binance CEO Richard Teng appealed to Nigerian authorities for Gambaryan’s release, describing the executive’s arrest as a means of exerting pressure on the exchange. He also mentioned an extortion attempt by “unknown individuals.” The Nigerian government denied allegations of bribery.
Nadim Anjarwalla, Binance’s Director for West and East Africa, who was detained alongside Gambaryan, managed to escape custody to Kenya. However, Nigerian authorities tracked him down and are preparing extradition.
Binance Holdings Limited, Gambaryan, and Anjarwalla face charges of tax evasion and using the exchange to launder nearly $21.6 billion.
Authorities have demanded Binance provide data on all Nigerian users and their transaction histories. The platform is also required to settle any outstanding tax liabilities.
Binance potentially faces a $10 billion fine.