A top official of Binance Holdings Limited, Tigran Gambaryan, has been remanded in Kuje prison by the Federal High Court sitting in Abuja. The court ruled on Monday that Gambaryan should remain in prison until April 18, when his bail application will be determined. Additionally, May 2 has been slated for the commencement of the hearing on the substantive charge against him.

Gambaryan’s detention stems from the Federal Government’s arrest and detention of him and his colleague, Nadeem Anjarwalla, over their alleged involvement in money laundering and terrorism financing through their firm, Binance Holdings Limited.

While Gambaryan faces legal proceedings, Anjarwalla, who serves as the Africa Regional Manager of Binance, managed to evade custody and fled the country. The government has initiated efforts to arrest and extradite Anjarwalla back to the country for trial.

Despite Anjarwalla’s escape, both the Economic and Financial Crimes Commission (EFCC) and the Federal Inland Revenue Service (FIRS) have filed separate criminal charges against Gambaryan, Anjarwalla, and Binance Holdings Limited.

The EFCC is prosecuting the defendants for their alleged involvement in money laundering, while the FIRS has accused them of engaging in tax fraud.