Binance executive Tigran Gambaryan, the crypto exchange’s head of financial crime compliance, has been denied bail by a Nigerian judge.
Gambaryan has been detained in Nigeria since February and is being held at Kuje prison, which is known for housing members of the terrorist group Boko Haram.
Gambaryan and his colleague Nadeem Anjarwalla were detained in Nigeria in February after traveling to the country for a meeting with officials, who they claim misled them. Initially charged with money laundering and tax evasion, the latter charge was later dropped.
Despite his legal team’s efforts to secure bail due to his worsening medical condition, the court has yet to grant his release. His lawyer Mark Mordi claims that Gambaryan has needed surgery since July 18 and cannot receive the necessary medical treatment in prison.
During his imprisonment, Gambaryan developed malaria, pneumonia, and tonsillitis, alongside complications from a herniated disc that initially left him in need of a wheelchair. Recent footage showed him struggling on a single crutch during a court appearance.
“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, the damage he is suffering is not permanent,” Gambaryan’s wife said.
Lawyers for Gambaryan, a U.S. citizen and former IRS agent now serving as Binance’s compliance chief, are pushing the State Department to designate him as “wrongfully detained.”
Nigeria accuses Binance, the world’s largest cryptocurrency exchange, of contributing to the naira’s decline by facilitating $26 billion in illegal cross-border transfers. Binance has since ceased support for the Nigerian currency and also faces tax evasion charges in the country.
Binance CEO Richard Teng has called for Gambaryan’s release, arguing that he is a mid-level employee and should not be held responsible for the company’s actions.
Gambaryan was previously known for his role as a lead investigator in the takedown of the Silk Road darknet market and BTC-e crypto exchange, both linked to money laundering activities.
