Binance Executive Denied Bail in Nigeria Despite Health Concerns

In a development that continues to draw international attention, a Nigerian court has once again denied bail to Tigran Gambaryan, a senior executive at cryptocurrency exchange Binance. The decision, handed down on October 11, 2024, comes despite mounting concerns over Gambaryan’s deteriorating health condition.

Gambaryan, who serves as Binance’s head of financial crime compliance, has been detained in Nigeria since February 2024. He faces charges of money laundering and currency manipulation, which both he and Binance vehemently deny.

Judge Emeka Nwite of the Federal High Court in Abuja rejected the bail application, stating that there was “no evidence before this court that the Nigerian Correctional Service cannot handle the health challenges of the accused.” However, the judge did instruct prison officials to refer Gambaryan to a hospital for treatment.

The decision has sparked controversy, given the numerous reports of Gambaryan’s worsening health. His legal team, led by attorney Mark Mordi, has repeatedly emphasized the urgency of his medical needs. Gambaryan reportedly suffers from a herniated disc requiring surgery, along with complications from malaria, pneumonia, and tonsillitis developed during his incarceration.

Yuki Gambaryan, the executive’s wife, expressed deep disappointment with the court’s decision. “It is completely unjust to deny someone in Tigran’s condition the opportunity to seek appropriate medical help,” she stated, adding, “I just pray that when he is finally released, the damage he is suffering is not permanent.”

The case has drawn international attention, with U.S. lawmakers criticizing Gambaryan’s detention as unjust. Rep. Rich McCormick (R-GA) has been particularly vocal, pushing for U.S. intervention on Gambaryan’s behalf.

Binance, the world’s largest cryptocurrency exchange, continues to face separate charges of tax evasion in Nigeria. The company has been accused of contributing to the decline of the Nigerian naira by facilitating significant illegal cross-border transfers.

As the legal proceedings continue, with the next trial date set for October 18, the case underscores the complex intersection of international finance, cryptocurrency regulation, and human rights concerns. It also highlights the challenges faced by global companies operating in diverse regulatory environments.

The ongoing detention of Gambaryan, a U.S. citizen and former IRS agent, raises questions about the responsibilities of multinational corporations and the rights of their employees when facing legal challenges abroad. As the situation unfolds, it continues to be closely watched by the cryptocurrency industry, international observers, and human rights advocates alike.