Bitrabo Editorial
A decisive ruling on Tigran Gambaryan’s bail plea is expected on October 9 by a Nigerian court. Gambaryan, a prominent figure at Binance, has been in custody for more than six months.
As the head of financial crime compliance at the leading cryptocurrency exchange globally, Gambaryan has faced increasing pressure, especially from US legislators who view his detention as unjust.
Legal Drama Unfolds in Nigeria
Recent proceedings in a courtroom in Abuja, as reported by Bloomberg, highlighted Gambaryan’s urgent need for medical attention that the Nigerian prison system currently cannot provide. Gambaryan has been in need of surgery since mid-July, raising serious health concerns.
Contrary to this, the prosecutor argued that adequate medical care was given to Gambaryan at the prison hospital and a specialized facility in Abuja designated for high-ranking government officials.
Gambaryan has been detained since February and formally incarcerated in April, facing severe accusations such as currency manipulation and money laundering by Nigeria’s Economic and Financial Crimes Commission.
The detention of Gambaryan gained significant attention when he and a colleague, Nadeem Anjarwalla, were apprehended during a trip to Nigeria for discussions on compliance matters with local authorities.
The situation heightened in May when Binance claimed that Nigerian authorities demanded a clandestine payment of $150 million in cryptocurrency to settle the company’s regulatory issues, an assertion vehemently refuted by the Nigerian government.
Binance Executive’s Deteriorating Health Condition
Adding to the complexity, a recent video of Gambaryan surfaced, depicting his weakened state and reliance on crutches due to spinal issues.
As reported by Bitrabo, Gambaryan expressed frustration in the video about the lack of assistance from prison guards, who allegedly were instructed not to aid him. He highlighted the situation as “f*cked up,” maintaining his innocence and protesting the unfair treatment.
Binance’s CEO Richard Teng publicly shared the video, condemning the treatment of Gambaryan as “inhumane” and advocating for his immediate release to receive proper medical attention.
Gambaryan’s deteriorating condition has captured the attention of US lawmakers, with senior Republican officials accusing Nigeria of effectively holding him captive. They have urged President Joe Biden to intervene and ensure Gambaryan’s release.
At the time of writing, Binance Coin (BNB) was trading at $508, showing a 2.6% retracement in the 24-hour period and an almost 8% decline over two weeks.
Nevertheless, the token has seen an 8% increase in the last thirty days, enabling it to maintain the crucial $500 level as the fourth-largest cryptocurrency in the market.
Featured image from DALL-E, chart from TradingView.com