Binance Executive Remains Held, as Health Issues Hinders Release on Bail
Tigran Gambaryan, a Binance executive and US citizen, has been detained in Nigeria since February, facing money laundering and tax evasion charges on behalf of the cryptocurrency exchange. His health condition in the Nigerian prison has reportedly been deteriorating, according to his family.
Since July 26, Gambaryan's lawyers have only been allowed 15 minutes with him, and his consular representatives have been denied access. In a viral video, Gambaryan is seen struggling to walk while seeking assistance from a prison officer. He is reportedly suffering from a herniated disc and other ailments, and his medical records, as per his representatives, include a recommendation for immediate surgery and are missing an MRI scan. Despite this, he was denied the use of a wheelchair and was forced to walk with crutches.
The hearing for Gambaryan's bail application is scheduled to resume on October 9. His lawyers requested bail for his medical treatment, but the court deferred judgment until the same date. The FIRS dropped its charges against Gambaryan after his representatives successfully argued that he should not be held accountable for Binance's actions as he is merely a company representative. However, the EFCC's counsel opposed Gambaryan's bail request, claiming he is not in poor health and has refused treatment.
Binance has stated that the Nigerian government is holding Gambaryan on baseless charges. The exchange has also dismissed claims that it processed transactions worth $26 billion in Nigeria in 2023 alone. The court brought Gambaryan before them by the EFCC and the Federal Inland Revenue Service (FIRS) to face these charges.
Gambaryan appeared in court on September 2 during the court's recess. He remains detained, along with Binance and the exchange's British-Kenyan regional manager for Africa, Nadeem Anjarwalla, who also faces the same charges.
The exact nature of Gambaryan's release last week is not detailed, but it may suggest that bail or other legal arrangements were made. The court has required health status reports, indicating that his medical condition is being monitored within the legal process.
[1] Tigran Gambaryan's health condition in the Nigerian prison has been reported as deteriorating according to his family, with judicial orders for health reports to be provided during his money laundering trial. (Source: [Link])
[2] Regarding his medical treatment, specific details about ongoing care in the prison are not elaborated in the available information, but the court has required health status reports, indicating that his medical condition is being monitored within the legal process. (Source: [Link])
[3] As for his bail application, there is no direct update or confirmation of bail being granted in the search results. His release last week may suggest that bail or other legal arrangements were made, but the exact nature of the release is not detailed. (Source: [Link])
[4] In the digital assets industry, the case of Tigran Gambaryan, a Binance executive, draws attention to the impact of legal proceedings on individuals and companies operating in Africa, specifically Nigeria. (Source: [Link])
[5] The allegations against Gambaryan raise questions about the application of financial regulations in the cryptocurrency market and the role of law enforcement agencies in Africa's burgeoning blockchain and technology-driven business landscape, under the broader realm of general-news and crime-and-justice spheres. (Source: [Link])
