A pivotal decision by the Nigerian Federal High Court has resulted in the continued detention of Tigran Gambaryan, an executive at Binance Holdings Ltd. The court, presided over by Justice Emeka Nwite, recently dismissed a bail application on health grounds, as reported by Bloomberg. Despite ongoing concerns regarding Gambaryan’s health, he remains incarcerated.
Binance’s Compliance Chief Remains Imprisoned
Tigran Gambaryan, who is responsible for overseeing financial-crime compliance at cryptocurrency giant Binance, has been confined to the Kuje Correctional Center in Abuja since February 2024. The charges he faces, including money laundering and currency manipulation, have attracted significant international scrutiny. Notably, U.S. lawmakers have voiced their concerns, arguing that his detention lacks justification.
Justice Nwite, in his ruling, remarked, “A person being ill does not entitle them to leave custody, unless the continuous stay of the detainee poses a harm to others and quarantine isn’t available.” This decision underscores the complexity of balancing legal proceedings with humanitarian considerations.
Legal and Medical Challenges
Mark Mordi, Gambaryan’s legal representative, had emphasized his client’s deteriorating health, pointing specifically to a herniated disk that severely limits his mobility. During a recent hearing, Gambaryan was seen in a wheelchair, highlighting the gravity of his condition. “I am not surprised by this decision,” stated Yuki Gambaryan, his wife. “It is utterly unjust to deny someone in Tigran’s condition the opportunity to seek necessary medical help.”
The legal team has further argued that Gambaryan also suffers from psychiatric conditions such as depression and anxiety. They claim these mental health issues cannot be effectively managed within the confines of a prison environment. Despite these claims, the Economic and Financial Crimes Commission (EFCC) has contested the bail request, asserting that the severity of the charges justifies his ongoing detention.
Escalating Tensions and International Reactions
The situation between Nigerian authorities and Binance escalated significantly in February when Gambaryan, along with his colleague Nadeem Anjarwalla, was apprehended during a visit to Nigeria. Anjarwalla later managed to escape custody in early April, adding another layer of complexity to the unfolding drama.
Since his detention, Gambaryan’s deteriorating health has been a central focus of his defense strategy. His legal team has persistently argued for medical intervention, underscoring the critical nature of his condition. In July 2024, substantial concerns regarding his health were raised, and these concerns were further amplified in August when his condition reportedly worsened, prompting his family to publicly advocate for specialized medical treatment outside the prison system.
Binance’s Response and Broader Implications
In September 2024, a formal bail application was submitted, citing Gambaryan’s worsening health and requesting a six-week bail for medical treatment. However, this application was ultimately rejected, leaving Gambaryan without recourse for his medical needs.
In response to his continued detention, Binance has been actively working to secure Gambaryan’s release. The company has leveraged its social media platforms to rally support for his freedom. The issue gained further attention when Binance CEO Richard Teng revealed in a blog post that company officials were approached for a “secret” payment to resolve legal issues in Abuja earlier in January. Nigerian authorities have vehemently denied these allegations, dismissing them as a diversion from Binance’s operations in the country.
As the case continues to unfold, the implications for both Binance and the broader cryptocurrency industry remain significant. The ongoing legal battles underscore the challenges faced by global cryptocurrency platforms in navigating complex international legal landscapes.
At the time of reporting, Binance Coin (BNB) was trading at $567.80, reflecting the market’s ongoing volatility amidst these developments.
