Binance Exec Tigran Gambaryan Denied Bail Again

A Nigerian court denied bail for Binance executive Tigran Gambaryan on Friday, citing "clear evidence of medical requirement," according to a family statement shared with The Block.

The family argues that the Abuja judge denied the bail request despite Gambaryan meeting all medical requirements. They assert that there are precedents for such cases in Nigeria, claiming that the court's decision is counter to common practice.

Gambaryan, who has been in Kuje prison since March, has seen his physical and mental health decline dramatically. He suffers from a herniated disc, pneumonia, malaria, and tonsillitis, and can no longer walk without assistance. He was denied a wheelchair when entering the Abuja court and used crutches during his trial on September 2.

Doctors, including the prison’s own physician, have reported that Gambaryan requires medical care that the prison cannot provide.

Previously, Gambaryan was denied bail in May, and his lawyers claimed they were unable to meet with him under the conditions of his detention to prepare for trial. Family members and spokespeople for Binance have expressed disappointment over the denial, emphasizing that Gambaryan was not a decision-maker at Binance and calling the detention unjust.

Yuki Gambaryan, Tigran’s wife, expressed her exhaustion and disappointment, emphasizing her commitment to fighting for her husband's freedom, which she believes has been unlawfully denied for over 220 days.

After the bail decision, the trial continued with the cross-examination of a central bank witness. Meanwhile, Nigeria's Economic and Financial Crimes Commission, which is prosecuting the case, did not comment on the situation.

Background Details

Tigran Gambaryan, the former Special Agent for the U.S. IRS and Binance’s Head of Financial Compliance, along with Binance’s Africa Regional Manager, Nadeem Anjarwalla, were detained upon arriving in Abuja on February 26. They faced accusations of Binance profiting from illegal transactions.

Criminal charges were filed on February 28, accusing them of money laundering and tax violations amounting to $35 million. Although tax charges against the executives were dropped in June, the money laundering charges remain against them. Anjarwalla escaped custody on March 22, while Gambaryan remains detained.

The Nigerian government previously dismissed claims of Gambaryan’s inadequate healthcare, asserting he has access to quality medical care and U.S. consular services. Yuki Gambaryan has urged U.S. intervention in her husband’s situation. Last month, the U.S. Foreign Affairs Committee passed a resolution demanding his release, which will be addressed by Congress after the elections.