Tigran Gambaryan, the head of financial compliance at cryptocurrency exchange Binance, was denied bail for a second time on Friday as his trial on money laundering charges commenced in Nigeria. Federal High Court Judge Emeka Nwite ruled that the prison where Gambaryan is being held can adequately address his medical needs.
Gambaryan, an American citizen, has been in detention in Nigeria since late February. Both he and Binance have denied the charges against him.
The defendant had requested release on medical grounds, arguing that he required surgery outside of prison and that his health was deteriorating. However, Judge Nwite stated, “There is no evidence before this court that the Nigerian Correctional Service cannot handle the health challenges of the accused.”
The judge also noted that Gambaryan had not withdrawn an appeal against a previous bail ruling in May, describing the latest request as an “abuse of judicial process.”
Following the bail denial, the trial proceeded with Gambaryan’s lawyer cross-examining two state witnesses. The judge adjourned the trial to October 18 for further proceedings.
Yuki Gambaryan, the defendant’s wife, expressed disappointment with the decision, maintaining that her husband should not be in detention as he was never a decision-maker at Binance. She vowed to continue fighting for his freedom, stating, “I just pray that when he is finally released that the damage he is suffering is not permanent. I am exhausted and deeply disappointed.”
This case is part of broader legal challenges facing Binance in Nigeria, as the cryptocurrency exchange also faces separate tax evasion charges, which it denies.
