Bitrabo Editorial
A Nigerian Federal High Court has ruled to continue holding Tigran Gambaryan, an executive at Binance Holdings Ltd., after rejecting his recent bail request due to health issues. Justice Emeka Nwite delivered the verdict on Friday, allowing Gambaryan to remain in custody despite ongoing concerns about his health, as reported by Bloomberg here.
Gambaryan Remains Incarcerated
As the head of financial-crime compliance at Binance, Gambaryan has been in the Kuje Correctional Center in Abuja since February 2024. He is facing serious allegations, including money laundering and currency manipulation, which have attracted global attention and scrutiny, especially from US lawmakers who believe his detention is unjustified.
Justice Nwite noted in his ruling that illness alone does not guarantee release from custody unless it poses a risk to others and there are no quarantine options available.
Mark Mordi, representing Gambaryan, filed the bail application citing his client’s poor health, including a herniated disk affecting his mobility. In court, Gambaryan was seen in a wheelchair, highlighting the seriousness of his health condition. His wife, Yuki Gambaryan, expressed her disbelief over the court’s refusal to grant bail, emphasizing the injustice of denying medical assistance to someone in Tigran’s situation.
The legal team has pointed out that Gambaryan also experiences psychiatric issues, like depression and anxiety, that cannot be effectively treated in prison. Despite these claims, the Economic and Financial Crimes Commission (EFCC) opposed the bail request, arguing that holding Gambaryan is warranted given the severity of the charges against him.
The situation between Binance and Nigerian authorities intensified in February when Gambaryan and a colleague, Nadeem Anjarwalla, were detained during their visit to Nigeria. Anjarwalla managed to escape custody in April. Since then, Gambaryan’s deteriorating health has been a key issue for his defense, with repeated calls for necessary medical treatment.
In July 2024, concerns regarding Gambaryan’s health were amplified by his legal team, especially in August when reports indicated a decline in his condition, spurring his family to voice their fears regarding his need for specialized care outside prison.
A formal bail request was made in September 2024, seeking six weeks of bail for medical treatment, which the court has now denied.
In light of Gambaryan’s situation, Binance has been actively advocating for his release, using its social media channels to push for support. The company’s CEO, Richard Teng, revealed in a blog post that Binance officials were approached for an alleged “secret” payment to resolve legal issues in Abuja back in January, a claim strongly refuted by Nigerian officials, who described it as an attempt to shift focus from Binance’s business practices in the country.
As of the latest updates, BNB is trading at $567.80.