A Nigerian High Court has denied bail to Binance executive Tigran Gambaryan, citing concerns that he might flee the country.Gambaryan, who turned 40 today, has been held by the Nigerian government since February. Speaking on his detainment, Noah Perlman, Binance’s chief compliance officer, said:“On this very unhappy birthday, a reminder that Tigran Gambaryan has been dedicated to public service and fighting crime for most of his life. These charges against him are completely meritless. He should be freed while discussions continue between Binance and Nigerian government officials.”The lawyer for the prosecutors, Ekele Iheanacho, firmly opposed Gambaryan’s bail application. He pointed out that the Binance executive recently attempted to obtain a new passport under dubious circumstances, alleging his previous one was stolen.Iheanacho also argued that Gambaryan has no substantial ties to any community in Nigeria. He further warned that granting bail could lead to Gambaryan absconding.The judge concurred with the prosecution, emphasizing that the nature and severity of the offense must be considered when deciding on bail.Meanwhile, the ongoing prosecution of Binance and its executives in Nigeria could significantly impact the growth of the emerging crypto industry, experts warn.Adebayo Juwon, co-founder of Finna Protocol, told CryptoSlate that this situation might discourage Web3 companies from entering Nigeria, perceiving it as hostile to new technologies. Juwon explained:“Web3 is still at its infancy with a lot of potential to better any country’s economy, investors are watching, other web3 startups are observing what the government will make of this Binance saga. I must say, the future of web3 in Nigeria is being challenged as the country is now seen as un friendly for emerging technologies.”Conversely, Oladotun Wilfred, CMO of Flincap, remains optimistic. He believes that any reputational damage can be repaired and that the conflict will not hinder crypto adoption in Nigeria. Wilfred stated:“The country might not get a positive image from the international crypto market from these events. However, it is not the worst thing that could happen. The country has bounced back from even worse situations. We can turn it around by projecting the fact that we are one of the biggest users of cryptocurrency and adopters of blockchain across the globe. It is normal to have a few controversies in a place where there is so much massive growth.”Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change. Daily digest of top crypto stories and market insights. Never miss out.The Nigerian government maintains Gambaryan and Binance would be allowed to themselves in court.The lawmakers argued Gambaryan is being held as part of a coercion tactic by the Nigerian government to extort Binance.Tigran Gambaryan has been held in Nigeria since February 26.The IMF contends that through proper regulation and licensing, cryptocurrencies can provide Nigeria with tools for more secure and efficient transaction processes.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
