By Tigran Gambaryan, a Binance executive detained in Nigeria since February, submitted a fresh bail application on Monday citing medical concerns. The request, however, faced opposition from lawyers representing Nigeria’s economic crimes agency.
Gambaryan, a U.S. citizen and Binance’s head of financial crime compliance, along with Nadeem Anjarwalla, the exchange’s British-Kenyan regional manager for Africa, are facing charges of laundering more than $35 million. Binance, the world’s largest cryptocurrency exchange, is also confronting separate allegations of tax evasion in Nigeria.
Attorney Mark Mordi presented the new bail application to a High Court in Abuja, stating, “His health has continued to deteriorate while in prison custody.” This follows a previous bail request for Gambaryan that was denied by the court in May.
Gambaryan claims to suffer from a herniated disc causing neck and back pain, as well as recurring bouts of malaria and pneumonia. He appeared in court using crutches and informed the judge that prison officials had denied him access to a wheelchair.
The Economic and Financial Crimes Commission (EFCC), which is prosecuting the money laundering case, contested the bail application. Their lawyer argued that Gambaryan’s health concerns were not severe, noting that he has had a herniated disc for over a decade.
The case has drawn significant attention to Nigeria’s approach to regulating cryptocurrency exchanges and combating financial crimes. Binance’s legal troubles in the country come amid a global scrutiny of cryptocurrency platforms and their compliance with financial regulations.
