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Binance Tigran Gambaryan news

Nigerian Judge Keeps Binance Exec Gambaryan In Jail: Health Fears Not Enough

Jake Simmons
by Jake Simmons
10 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A Nigerian Federal High Court has upheld the detention of Tigran Gambaryan, a Binance Holdings Ltd. executive, rejecting his recent bail application on health grounds. The decision, delivered by Justice Emeka Nwite on Friday, maintains Gambaryan’s incarceration despite ongoing concerns regarding his medical condition, as Bloomberg reports.

Binance’s Gambaryan Stays In Jail

Gambaryan, who serves as the head of financial-crime compliance at Binance, has been held at the Kuje Correctional Center in Abuja since February 2024. He faces allegations of money laundering and currency manipulation, charges that have drawn international attention and scrutiny from US lawmakers who argue his detention is unwarranted.

In his ruling, Justice Nwite stated, “A person being ill does not entitle them to leave custody, unless the continuous stay of the detainee possesses a harm to others and quarantine isn’t available.”

Related Reading: Binance’s CZ Set To Leave US: Insights Into His Upcoming Plans For October 30

Gambaryan’s legal representative, Mark Mordi, had filed the bail application citing his client’s deteriorating health, specifically a herniated disk that impairs his mobility. During the hearing, Gambaryan appeared in a wheelchair, underscoring the severity of his condition. “I am not surprised by this decision,” commented Yuki Gambaryan, his wife, in a statement. “It is completely unjust to deny someone in Tigran’s condition the opportunity to seek appropriate medical help.”

The legal team has further highlighted that Gambaryan suffers from psychiatric conditions, including depression and anxiety, which they assert cannot be adequately treated within the confines of the prison system. Despite these assertions, the Economic and Financial Crimes Commission (EFCC) has contested the bail application, maintaining that Gambaryan’s continued detention is justified based on the nature of the charges.

The confrontation between Nigerian authorities and Binance escalated in February when Gambaryan and his colleague Nadeem Anjarwalla were detained during a visit to Nigeria. Anjarwalla subsequently escaped custody in early April. Since his detention, Gambaryan’s health has been a focal point of his defense, with his legal team repeatedly advocating for medical intervention.

Related Reading: Binance Exec In Limbo: US Ramps Up Pressure On Nigeria To Free Gambaryan

In July 2024, Gambaryan’s legal team raised significant concerns about his health. These claims were further amplified in August when his health reportedly worsened, leading his family to publicly express worries about his mobility and the necessity for specialized medical treatment outside the prison system.

In September 2024, a formal bail application was submitted, citing Gambaryan’s deteriorating health and requesting six weeks of bail to seek medical treatment. This application was now rejected.

In response to his detention, Binance has actively sought to secure Gambaryan’s release. The company utilized its social media platforms to campaign for his freedom and elevated the issue when Chief Executive Officer Richard Teng disclosed in a blog post that Binance officials were solicited for a “secret” payment intended to resolve their legal challenges in Abuja in January. This allegation has been vehemently denied by Nigerian authorities, who have dismissed it as a tactic designed to divert attention from Binance’s operational activities within the country.

At press time, BNB traded at $567.80.

BNB price
BNB price, 1-week chart | Source: BNBUSDT on TradingView.com
Featured image from Forbes, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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