Binance Exec’s Detention Prolonged, Bail Ruling Postponed

• Nigerian court delays Gambaryan’s bail as legal disputes and health concerns persist.
• Gambaryan’s detention raises tensions with U.S. lawmakers urging Biden’s intervention.
• Binance claims Nigerian officials demanded secret $150M crypto payment, sparking corruption fears.

A Nigerian court has once again postponed its decision on the bail application of Tigran Gambaryan, a senior executive at Binance Holdings Ltd., who has been detained in the country for over six months.

Gambaryan, the head of financial crime compliance at Binance, faces charges related to currency manipulation and money laundering, according to Nigeria’s Economic and Financial Crimes Commission (EFCC).

During a court session in Abuja on Wednesday, the judge presiding over the case adjourned the ruling on the bail application, stating that a decision will be made at a later, unspecified date.

Gambaryan’s lawyer, Mark Mordi, argued that his client requires urgent medical attention, including surgery, which he claims the Nigerian prison system cannot provide. Mordi emphasized that Gambaryan’s health has been deteriorating since July 18th and that immediate medical intervention is crucial.

State Prosecutor Ekele Iheanacho opposed the bail application, asserting that Gambaryan has received adequate medical care at both the prison hospital and a separate medical facility in Abuja frequently used by high-ranking government officials. The prosecutor argued that the defendant’s medical needs are being met within the existing facilities, casting doubt on the necessity of bail for health reasons.

Gambaryan has been in custody since February 2024 , following his arrest by Nigerian authorities during a visit to discuss Binance’s compliance with local regulations. His detention has garnered significant attention, especially after his colleague, who was also detained, managed to escape. Gambaryan was formally charged and transferred to prison in April.

The case has drawn international scrutiny, with senior Republican lawmakers in the United States accusing Nigeria of unjustly detaining Gambaryan and urging President Joe Biden to intervene.

The situation escalated in May when Binance alleged that Nigerian authorities demanded a ‘secret’ $150 million in cryptocurrency to resolve the company’s issues in the country, a claim Nigerian officials have vehemently denied.