Justice Emeka Nwite of the nation's Federal High Court in Abuja has refused to grant bail to Binance executive Tigran Gambaryan. Gambaryan and Binance are facing money laundering and tax violation charges in Nigeria.

According to Nigerian news outlet The Nation, a ruling on Friday saw Nwite agree with the prosecution's argument that Gambaryan posed a flight risk. According to reports, the judge stated in his ruling that several factors, including the nature of the offense and its severity, must be considered when deciding whether or not to grant bail to the defendant.

Binance exec in Nigerian money laundering trial

The trial of Binance's head of financial crime compliance on a $35 million money laundering indictment began on Friday. 

Gambaryan has been incarcerated in Nigeria …