The Federal High Court sitting in Abuja, has rejected the bail application filed by the defence counsel of Binance Holdings Limited Executive – Tigran Gambaryan.
Moving the application, Counsel to the Defendant, Mark Mordi, had argued that the court had the power to grant bail to the defendant and impose conditions to ensure his presence in court.
However, Prosecution Counsel, Ekele Iheanacho, opposed the bail application, stating that the defendant was a flight risk.
He stated that the defendant attempted to obtain a new passport; raising suspicion considering the timing to the escape of his colleague from custody.
Iheanacho added that the court could not risk granting him bail, especially since he had no attachment to any community in Nigeria.
Delivering the ruling, Justice Emeka Nwite said several factors including the nature of offence and its severity had to be considered when trying to decide whether or not bail should be granted to the defendant
The Judge agreed with the depositions made by prosecution and was of the view that the applicant would jump bail if his request was granted
Binance and its executives are facing a number of criminal charges in Nigeria after the Nigerian government recently cracked down on the cryptocurrency platform in a bid to strengthen the naira.
Among other charges filed by the current administration against Binance were tax evasion, currency speculation, and money laundering to the tune of $35,400,000.
The arraigned accused has pleaded not guilty to the charge