The Federal High Court in Abuja has rejected a bail plea from Tigran Gambaryan, a detained executive of cryptocurrency exchange Binance, following concerns he might flee if released.

Justice Emeka Nwite ruled against the bail application, citing affidavit evidence suggesting a high risk of Gambaryan absconding.

“I have carefully considered the affidavit evidence before me and I am of the view that the applicant will jump bail if granted bail," stated Justice Nwite.

The court has called for an expedited trial instead. Previously, Justice Nwite had ordered Gambaryan's detention at the Kuje Correctional Centre after he pleaded not guilty to money laundering charges brought by the Economic and Financial Crimes Commission (EFCC).

The EFCC has charged Binance Holdings Limited, Gambaryan, and Nadeem Anjarwalla, another company representative, with conspiring to disguise the origins of $35.4 million, allegedly the proceeds of illegal activities in Nigeria. Anjarwalla, however, has since fled Nigeria for Kenya.

Gambaryan's counsel, Mordi, had sought bail, claiming the EFCC presented no substantial evidence to warrant continued detention. Contrarily, the EFCC's lawyer, Iheanacho, argued that granting bail posed a significant risk, as Gambaryan lacked strong ties to the Nigerian community and had already attempted to obtain a new U.S. passport while in custody.

Iheanacho maintained that the evidence indicated Gambaryan was a flight risk and urged the court to either deny bail or, if granted, to place him in EFCC custody.