Binance executive denied bail in Nigerian money-laundering case

Abuja — Binance’s head of financial crime compliance was denied bail for a second time on Friday as his trial on money-laundering charges started in Nigeria, with a judge ruling that the prison in which he was being held was capable of meeting his medical needs.

Tigran Gambaryan, an American citizen, has been in detention in Nigeria since the end of February. He and cryptocurrency exchange Binance deny the charges against him. Binance separately faces tax evasion charges, which it denies.

He had asked the federal high court in Abuja to free him on medical grounds, arguing that he needed to undergo surgery outside prison and that his health was deteriorating.

“There is no evidence before this court that the Nigerian Correctional Service cannot handle the health challenges of the accused,” said judge Emeka Nwite.

Nwite also said Gambaryan had not withdrawn an appeal against a previous bail ruling in May and so his latest request “amounts to abuse of judicial process to admit the accused to bail while an appeal is pending at the court of appeal”.

The judge adjourned the trial to October 18 after Gambaryan’s lawyer cross-examined two state witnesses.

Gambaryan’s wife, Yuki Gambaryan, said her husband should not be in detention because he was never a decisionmaker at Binance and she would continue to fight for his freedom. “I just pray that when he is finally released that the damage he is suffering is not permanent. I am exhausted and deeply disappointed,” she said in a statement.

Reuters