Nigerian Judge Keeps Binance Exec Gambaryan In Jail

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.”

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.

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.

Featured image from Forbes, chart from TradingView.com