Binance’s Tigran Gambaryan Faces Extended Detention in Nigeria; Bail Decision Deferred Until October 9 Amid Crypto Exchange Controversy
Fiona Nanna, ForeMedia News
4 minutes read. Updated 6:07PM GMT Thurs, 5 September, 2024
Tigran Gambaryan, a senior executive at Binance and the global cryptocurrency exchange’s head of financial compliance, will remain in custody in Nigeria until at least October 9, as he awaits the court’s decision on his bail application. Gambaryan, a US citizen, has been detained since February following a dispute between Binance and the Nigerian government, highlighting escalating tensions over cryptocurrency regulations in the country.
Gambaryan is on trial for alleged money laundering, charges he vehemently denies. The Nigerian government has also filed separate tax evasion charges against Binance, further complicating the situation for the world’s largest cryptocurrency exchange in one of Africa’s leading markets. During the latest bail hearing, Gambaryan’s legal team argued that his client’s health is deteriorating and he urgently needs surgery that cannot be performed in prison. Despite these pleas, the Federal High Court judge in Abuja ruled on Wednesday to keep him in detention, citing concerns over flight risk and the severity of the allegations.
This high-profile case has underscored the Nigerian government’s hardline stance on cryptocurrency trading. In March, Binance suspended all transactions and trading involving the Nigerian naira after a sweeping crackdown on crypto exchanges, which authorities accuse of fueling a black market for foreign exchange. This move not only disrupted the operations of Binance in Nigeria but also left millions of Nigerian users in limbo, prompting a broader debate on the future of digital assets in the country.
The Nigerian government’s actions are part of a broader effort to tighten control over digital currencies, which have been blamed for undermining the nation’s official monetary policies and contributing to economic instability. The ongoing legal battles between Binance and Nigeria reflect the broader challenges facing the global cryptocurrency industry as it navigates regulatory landscapes in various jurisdictions.
As Gambaryan continues to fight for his freedom, his case serves as a critical test of Nigeria’s approach to regulating the crypto industry. His next court appearance will not only determine his immediate future but could also set a precedent for how other crypto-related cases are handled in the country.
Meta Description: Binance executive Tigran Gambaryan remains in custody in Nigeria as he awaits a bail decision on October 9. Facing money laundering charges, his case highlights tensions between Binance and Nigerian authorities amid a crackdown on crypto exchanges.
