Binance Executive Tigran Gambaryan Faces Key Court Decision On October 9

A Nigerian court is set to deliver its judgment on October 9 regarding the bail application of Tigran Gambaryan, a senior executive at Binance who has been detained for over six months. 

As head of financial crime compliance at the world’s largest cryptocurrency exchange by trading volume, Gambaryan has faced mounting pressure from US lawmakers who say he is being unfairly detained.

According to a Bloomberg report, during a recent court session in Abuja, Gambaryan’s lawyer, Mark Mordi, argued that his client needs urgent medical attention that the Nigerian prison system cannot provide. Gambaryan has reportedly required surgery since July 18, raising serious concerns about his health. 

In contrast, prosecutor Ekele Iheanacho argued that the executive had received adequate medical care in the prison hospital and at a facility in Abuja reserved for top government officials.

Gambaryan has been held since February and was officially imprisoned in April, facing serious charges, including currency manipulation and money laundering brought forth by Nigeria’s Economic and Financial Crimes Commission. 

Gambaryan’s detention was widely publicized when he and another colleague, Nadeem Anjarwalla, were arrested during a visit to Nigeria to discuss compliance issues with local authorities.

The situation escalated in May when Binance alleged that Nigerian authorities demanded a “secret” payment of $150 million in cryptocurrency to resolve the company’s regulatory issues—an allegation that the Nigerian government has vehemently denied.

Further complicating matters, a new video of Gambaryan surfaced recently, showing him in a weakened state and struggling to walk with crutches due to spinal problems.

As Bitcoinist reported on Tuesday, Gambaryan can be seen in the video expressing frustration at the lack of help from prison guards, who have reportedly been instructed not to help him. Gambaryan described the situation as “f*cked up” and insisted on his innocence and the unfairness of his treatment.

Richard Teng, Binance’s CEO, shared the video publicly, condemning the treatment of Gambaryan as “inhumane” and calling for his immediate release so he could receive proper medical care. 

The executive’s condition has also drawn the attention of US lawmakers, with a group of senior Republican officials accusing Nigeria of effectively taking him hostage. They have urged President Joe Biden to intervene and secure Gambaryan’s release.

When writing, the exchange’s native token, Binance Coin (BNB), was trading at $508, registering a retrace of 2.6% in the 24-hour time frame and nearly 8% in the past two weeks.

However, the token is still up 8% in the thirty days, allowing it to secure the key $500 mark for the fourth largest cryptocurrency on the market.

Featured image from DALL-E, chart from TradingView.com