Nigerian court denies bail for Tigran Gambaryan due to money laundering charges.
Court prioritizes serious allegations over health concerns.
A Nigerian court denied bail to Tigran Gambaryan, Binance’s Compliance Chief, despite his worsening health condition.The decision was handed down on October 11, 2024, following Gambaryan’s second bail plea. His legal team highlighted his medical condition, arguing that he requires urgent attention, but the court rejected the request.
Gambaryan faces charges related to money laundering, leading to his detention. The Nigerian authorities are conducting an extensive investigation, tying Binance to various illegal financial activities. Binance’s global operations have come under scrutiny, with Nigeria playing a key role in the case.
The court’s decision emphasized that Gambaryan’s health condition, though noted, does not outweigh the seriousness of the allegations. His family has expressed their frustration, stating that Gambaryan met all the necessary bail requirements, including assurances from medical experts. Yet, their plea has been ignored.
Court Denies Bail Despite Health Claims
His lawyer, Mark Mordi, emphasized that Gambaryan suffers from a herniated disc and requires psychiatric care. However, the court maintained that he can receive adequate treatment while in custody. Justice Emeka Nwite noted, “renowned Nigerian medical experts are already managing” Gambaryan’s health, although he did permit a temporary transfer to a hospital under supervision. The ruling reflected the court’s stance on prioritizing the serious charges over health claim.
Reports from various outlets revealed that Gambaryan’s defense team submitted medical evidence, arguing that his health is rapidly declining. However, the court found the evidence insufficient to grant bail. His lawyers are expected to appeal the decision, although it remains unclear when the next hearing will take place.
This case comes at a time when Binance faces increasing regulatory challenges worldwide. Nigerian regulators have been particularly critical, aiming to curb crypto-related crimes in the country. Binance, however, has denied any wrongdoing, maintaining that it complies with local laws.
Gambaryan’s legal troubles raise broader questions about how governments handle cryptocurrency exchanges. Nigeria, like many countries, is grappling with how to regulate digital currencies while managing the associated risks.
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