By Tigran Gambaryan, Binance’s head of financial compliance, will learn on October 9 whether he will be granted bail or remain in custody, following a judge’s decision to defer ruling on his request Wednesday.
Gambaryan, a U.S. citizen, has been detained since February amid a dispute between Binance, the world’s largest cryptocurrency exchange, and the Nigerian government. He is on trial for money laundering charges, which he denies.
Federal High Court Judge Emeka Nwete in Abuja heard arguments from Gambaryan’s lawyer and a state prosecutor during the hearing. The defense attorney cited health concerns, stating that Gambaryan needs to undergo surgery outside prison and that his health is deteriorating. The state prosecutor opposed the bail request.
After considering the arguments, Judge Nwete announced that she would make a ruling next month and ordered Gambaryan to return to prison custody.
Binance faces separate tax evasion charges in Nigeria, which the company denies. The cryptocurrency exchange halted all transactions and trading in naira in March following a nationwide crackdown on crypto exchanges. Nigerian authorities alleged these exchanges were contributing to a black market for foreign exchange.
The case highlights the ongoing tensions between cryptocurrency businesses and regulatory authorities in Nigeria, Africa’s largest economy. It also underscores the legal challenges facing international cryptocurrency exchanges operating in countries with evolving digital currency regulations.
As the cryptocurrency industry continues to navigate global regulatory landscapes, the outcome of Gambaryan’s case and Binance’s broader legal challenges in Nigeria could have significant implications for the operation of digital asset exchanges in the country and potentially across the region.
