The Nigerian Federal High Court has upheld the detention of Tigran Gambaryan, CEO of Binance Holdings Ltd, and rejected his recent bail application on health grounds. The decision, issued by Judge Emeka Noate on Friday, keeps Gambarian in custody despite ongoing concerns about his medical condition, Bloomberg reported. Reports.
Binance’s Gambarian remains in prison
Gambarian, who serves as the head of financial crimes compliance at Binance, has been detained at the Kugi Correctional Center in Abuja since February 2024. He faces allegations of money laundering and currency manipulation, charges that have attracted international attention and scrutiny from US lawmakers. Who say his detention is unjustified.
“A person’s illness does not give him the right to leave custody, unless the continued stay of the detainee would harm others and quarantine is not available,” Judge Noyet stated in his ruling.
Gambarian’s legal representative, Mark Mordi, had submitted the bail application, citing the deterioration of his client’s health, specifically due to a herniated disc that was impeding his movement. During the hearing, Gambarian appeared in a wheelchair, confirming the seriousness of his condition. “I am not surprised by this decision,” his wife, Yuki Gambarian, commented in a statement. “It is completely unjust to deny someone in Tigran’s situation the opportunity to seek appropriate medical help.”
The legal team also stressed that Gambarian suffers from psychiatric conditions, including depression and anxiety, which they contend cannot be adequately treated within the confines of the prison system. Despite these assurances, the Economic and Financial Crimes Commission (EFCC) objected to the bail application, maintaining that Gambaryan’s continued detention was justified based on the nature of the charges.
The confrontation between the Nigerian authorities and Binance escalated in February when Gambarian and his colleague Nadeem Angarwala were arrested during a visit to Nigeria. Angarwala subsequently escaped from custody in early April. Since his arrest, Gambarian’s health has been a focal point of his defense, with his legal team repeatedly calling for medical intervention.
In July 2024, Gambarian’s legal team raised significant concerns about his health. These allegations were further amplified in August when his health condition deteriorated, prompting his family to publicly express concerns about his mobility and the need for him to receive specialist medical treatment outside the prison system.
In September 2024, a formal bail application was made, citing Gambarian’s deteriorating health and requesting bail for six weeks for medical treatment. This request has now been denied.
In response to his detention, Binance actively sought to secure Gambarian’s release. The company used its social media platforms to campaign for his freedom and raised the issue when CEO Richard Teng revealed in a blog post that Binance officials had been asked to pay a “secret” sum aimed at resolving their legal challenges in Abuja in January. The claim has been strongly denied by Nigerian authorities, dismissing it as a tactic aimed at diverting attention from Binance’s operational activities within the country.
At press time, BNB was trading at $567.80.
Featured image from Forbes, chart from TradingView.com