A Binance executive, Tigran Gambaryan, will remain in a Nigerian prison after a judge denied his request for bail.
The Case Against Gambaryan
Gambaryan, a former IRS agent and Binance’s crypto compliance officer, was arrested in February on charges of money laundering and operating an unlicensed financial institution. He was in Nigeria for regulatory talks with officials. While his colleague managed to escape, Gambaryan was imprisoned.
Health Concerns and Bail Denial
In August, reports surfaced that Gambaryan’s health was deteriorating in prison. His lawyer argued for bail so he could receive medical treatment for a herniated disc. However, the judge rejected the request, stating that health issues alone don’t automatically qualify someone for release. The judge did order the prison to provide Gambaryan with medical care.
Binance’s Response
Binance CEO Richard Teng has criticized the Nigerian government’s accusations against the company, calling Gambaryan’s treatment “inhumane.” Teng disputed the government’s claim that Binance was responsible for the decline of the Nigerian Naira, pointing out that the currency’s value continued to fall even after Binance stopped offering peer-to-peer services in the country.
