Binance Executive Tigran Gambaryan Denied Bail in Nigeria

Binance’s Tigran Gambaryan has been denied bail once again amid legal hurdles in Nigeria.

Key Notes

Binance Executive’s detention is Nigeria elongated after bail denial.Nigerian Court system considers him a flight risk if granted bail.The exchange has continued to mount pressure on the government for his release.

All efforts to release Binance Executive Tigran Gambaryan in Nigeria have proven abortive. A family spokesperson revealed that a Nigerian judge has denied him bail again.

The crypto exchange’s Head of Financial Crime Compliance has stayed in the notorious Kuje prison in Abuja for almost eight months. This latest development comes after the court initially deferred the decision to bail in September.

Binance Executive’s Health Deteriorating in Nigerian Prison

In February, Binance and Gambaryan were charged with tax evasion and money laundering. Even Binance’s Africa regional manager, Nadeem Anjarwalla, was arrested alongside Gambaryan but later escaped from custody. The Nigerian government later dropped the tax evasion charge against Gambaryan.

In May, Binance CEO Richard Teng urged the West African nation to unconditionally release the executive. Binance even engaged with the United Kingdom’s High Commission and the US Embassy. In compliance with authorities’ demands, Binance also delisted all Naira trading pairs, including P2P trading.

With no solution, Teng accused the Nigerian government of prolonging the case to extort money from the company.

“To invite a company’s mid-level employees for collaborative policy meetings, only to detain them, has set a dangerous new precedent for all companies worldwide,” Teng emphasized.

In response to the request to grant Gambaryan bail, the presiding Justice Emeka Nwite ruled that the defendant be retained at the Kuje Correctional Centre because he could run if granted.

The pressure to release him has recently mounted intensely on the Nigerian government. Binance called on the United States government and international organizations to intervene and secure Gambaryan’s release. The exchange’s executive’s health has deteriorated seriously after cases of malaria, pneumonia, and tonsillitis. He is reportedly in severe pain and unable to walk without aid.

Many has accused the West African nation of failing to provide him with medical care and legal representation. Gambaryan’s lawyer, Mark Morris, has made it clear that the man needs surgery. Even Tigran’s wife, Yuki Gambaryan, has weighed in on the matter, emphasizing that she will not relent until her partner is released from the Kuje Correctional Centre.

“It is completely unjust to deny someone in Tigran’s condition the opportunity to seek appropriate medical help and I just pray that when he is finally released that the damage he is suffering is not permanent,” Tigran’s wife said.

Ex-Binance CEO Released from Prison

While Gambaryan is under indefinite detention, Binance’s former CEO, Changpeng ‘CZ’ Zhao gained his freedom after four months in jail. His original release date was set for Sunday, September 29.

However, BOP regulations allow inmates to gain their freedom ahead of schedule if their release date falls on a weekend or holiday. Hence, CZ left prison two days earlier than his scheduled date. As part of his sanctions, he will not return to Binance to lead the firm.

Notably, CZ still plans to invest in blockchain technology, especially integrating it into the biotech and Artificial Intelligence sectors.

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