Binance ‘deeply disappointed’ by Nigerian court’s refusal to grant Gambaryan bail

Gambaryan's family expressed concerns over his worsening health conditions in Nigerian jail.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Binance has expressed disappointment over a Nigerian court’s decision to deny bail to its executive, Tigran Gambaryan.

On Oct. 11, the High Court in Abuja rejected Gambaryan’s latest bail request, citing procedural issues.

The court noted that Gambaryan had an ongoing appeal against a previous bail denial, making the new application improper.

Additionally, the judge found no new evidence regarding his need for medical care, stating that Nigerian hospitals could provide adequate treatment.

Gambaryan, a Binance executive, has been in Nigerian custody since February. He was initially detained alongside Nadeem Anjarwalla, Binance’s Africa Regional Manager, who escaped.

Both faced criminal charges related to a $35 million money laundering and tax violation case. While the tax charges were dropped in June, the money laundering allegations remain.

Since his detention, Gambaryan has faced multiple health issues, including malaria, pneumonia, tonsillitis, and complications from a herniated disc that now requires him to use a wheelchair.

Binance and Gambaryan’s family slams Nigeria

In a statement shared with CryptoSlate, a Binance spokesperson expressed the company’s deep frustration with the court’s decision, particularly considering Gambaryan’s worsening health.

The spokesperson emphasized that Gambaryan did not travel to Nigeria as a decision-maker and that his continued detention was unjustified.

Meanwhile, Binance also reaffirmed its commitment to cooperating with the Nigerian government to resolve the matter but insisted that Gambaryan should be allowed to return home.

Similarly, Gambaryan’s family has also voiced concern over his ongoing detention. His wife, Yuki, called the ruling “completely unjust” and expressed fears about his health condition.

According to her:

“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.”

Mentioned in this article