Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home Business & Finance

Nigeria vs. Binance: Court Refuses Bail for Binance Official

Benita OrumabyBenita Oruma
May 17, 2024
in Business & Finance
0
Nigeria vs. Binance: Court Refuses Bail for Binance Official
Share on FacebookShare on TwitterShare on Whatsapp

Binance and its executives are facing money laundering charges in a Nigerian court.

Table of Contents

Toggle
  • Why It Matters
  • Court’s Decision on Bail
  • Legal Arguments
  • Prosecution’s Stand
  • Judge’s Ruling
  • Trial Proceedings
  • Bottom Line

Why It Matters

The case against Binance and its executives underscores significant concerns about financial crimes and regulatory compliance within the cryptocurrency industry. The refusal of bail for a Binance official highlights the seriousness with which the Nigerian judiciary is treating these charges. This case could set a precedent for how similar cases are handled in the future, impacting the operations of cryptocurrency companies in Nigeria and possibly beyond.

Court’s Decision on Bail

The Federal High Court in Abuja has refused to grant bail to Tigran Gambaryan, an executive of Binance Holdings Limited. Justice Emeka Nwite ruled that Gambaryan is likely to jump bail if it were granted. The judge cited the nature and severity of the charges as critical factors in the decision.

Legal Arguments

Mark Mordi, counsel for the defendant, argued that the court has the authority to grant bail with conditions ensuring Gambaryan’s presence during the trial. However, the prosecution counsel, Ekele Iheanacho, opposed the bail application, arguing that Gambaryan was a flight risk. Iheanacho highlighted Gambaryan’s attempt to obtain a new passport under suspicious circumstances and his dual citizenship as reasons to deny bail.

Prosecution’s Stand

The prosecution argued that Gambaryan’s lack of ties to any community in Nigeria and his dual citizenship (American and Armenian) increase the risk of him fleeing the country. They insisted that keeping him in EFCC custody was essential to prevent any potential flight risk and to ensure his safety.

Judge’s Ruling

Justice Nwite agreed with the prosecution, stating that the severity of the offense and the potential for Gambaryan to flee justified the denial of bail. He ordered an accelerated hearing for the trial.

Trial Proceedings

Following the ruling, the EFCC called its first witness, a staff member from the Securities and Exchange Commission, to testify.

Bottom Line

The denial of bail for a Binance executive in Nigeria’s money laundering case highlights the judiciary’s stringent approach towards financial crimes. This case will likely influence the regulatory landscape for cryptocurrency operations in Nigeria, emphasizing the importance of compliance and the serious repercussions of alleged misconduct.

The outcome of this trial could have far-reaching implications for Binance and other cryptocurrency platforms operating within Nigeria.

Tags: BailBinancecourtfederal characterNewsNigeriaNigeria vs. Binance: Court Refuses Bail for Binance Official
Benita Oruma

Benita Oruma

Benita Oruma is a lawyer in training, a 400 level student in the university of Ibadan. She is a content writer with interest in corporate affairs and the marketplace.

Related Posts

September Surrender: Naira Kneels as Dollar, Euro, Pound Dance on Its Weakness
Business & Finance

October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose

October 1, 2025
Will the Dangote Refinery Deadlock Worsen Nigeria's Economic Crisis?
Business & Finance

Will the Dangote Refinery Deadlock Worsen Nigeria’s Economic Crisis?

September 30, 2025
September Surrender: Naira Kneels as Dollar, Euro, Pound Dance on Its Weakness
Business & Finance

September Surrender: Naira Kneels as Dollar, Euro, Pound Dance on Its Weakness

September 29, 2025
Next Post
Crude Oil Production Shortage in Nigeria Hampers Economic Growth

Crude Oil Production Shortage in Nigeria Hampers Economic Growth

Nigerian Singer, Oritsefemi, Makes Shocking Revelation, Says Ex-Wife Invited Friends To Mob Him

Nigerian Singer, Oritsefemi, Makes Shocking Revelation, Says Ex-Wife Invited Friends To Mob Him

Brazil to Host 2027 Women’s World Cup, Marking First South American Edition

Brazil to Host 2027 Women’s World Cup, Marking First South American Edition

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Actress Ini-Edo Opens Up About Divorce Regrets and Surrogacy Choice

Actress Ini-Edo Opens Up About Divorce Regrets and Surrogacy Choice

2 years ago
Environmental Activist Blames Rivers Pipeline Explosion on Equipment Failure

Environmental Activist Blames Rivers Pipeline Explosion on Equipment Failure

6 months ago
FG Removes VAT on Cooking Gas, CNG, and Diesel

FG Removes VAT on Cooking Gas, CNG, and Diesel

12 months ago
Champions League Final Venue: ManCity-Chelsea To Clash In Portugal or England?

Champions League Final Venue: ManCity-Chelsea To Clash In Portugal or England?

4 years ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

Oritse Femi Celebrates Birth of Grandchild

Minaj and Cardi B Reignite Their Bitter Feud

Chelsea Secure a Narrow win against Mourinho’s Benfica for First UCL Win; Liverpool Stunned by Osimhen

Why Did Nigeria’s Shea Nut Export Ban Backfire on the Women It Was Meant to Help?

Nicole Kidman and Keith Urban: What Really Went Wrong After 19 Years?

A Legal Hurdle or Tactical Delay? Why Sowore’s Arraignment Stalled

Trending

Phyna Insists Sister Be Treated in India Following Dangote Truck Accident
Entertainment

Phyna Hints at Conspiracy in Sister’s Fatal Accident

byAyobami Owolabi
October 1, 2025
0

Big Brother Naija Season 7 winner Ijeoma Otabor, popularly known as Phyna, has openly criticised the Dangote...

Controversy Behind Her, Mandy Kiss Steps Into a New Mission in Lagos

Controversy Behind Her, Mandy Kiss Steps Into a New Mission in Lagos

October 1, 2025
September Surrender: Naira Kneels as Dollar, Euro, Pound Dance on Its Weakness

October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose

October 1, 2025
Oritse Femi Celebrates Birth of Grandchild

Oritse Femi Celebrates Birth of Grandchild

October 1, 2025
Minaj and Cardi B Reignite Their Bitter Feud

Minaj and Cardi B Reignite Their Bitter Feud

October 1, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • Phyna Hints at Conspiracy in Sister’s Fatal Accident
  • Controversy Behind Her, Mandy Kiss Steps Into a New Mission in Lagos
  • October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com