A Federal High Court in Abuja has once again denied a bail application for Tigran Gambaryan, a top executive at Binance, who is currently detained on charges of money laundering.
This latest ruling was made by Justice Emeka Nwite, who cited ongoing legal proceedings related to Gambaryan’s initial bail request. According to Justice Nwite, granting another bail application at this time would amount to an abuse of court processes, especially since Gambaryan already has a pending appeal regarding his first bail application, which was denied based on concerns about his health.
Tigran Gambaryan was arrested by the Economic and Financial Crimes Commission (EFCC) as part of a larger investigation into money laundering activities. The EFCC has accused Gambaryan of involvement in financial crimes that undermine Nigeria’s economy and contribute to corruption.
His detention has drawn significant attention due to his position at Binance, one of the world’s leading cryptocurrency exchanges. The charges against him highlight ongoing issues regarding regulatory oversight in the rapidly evolving cryptocurrency sector.
Gambaryan’s legal team has been vocal about his health challenges, arguing that he requires urgent medical care that cannot be adequately provided while in detention. They have submitted medical reports from the State House Annex Clinic in Asokoro, Abuja, which indicate that Gambaryan is suffering from a disk issue requiring surgical intervention.
His lawyers expressed concern for his well-being, stating, “Our client’s health is deteriorating, and immediate medical attention is essential. The court must consider his health as a primary factor in this application.”
However, the EFCC has contested the claims regarding Gambaryan’s health. The commission maintains that Nigerian hospitals are fully equipped to provide the necessary medical care. During the court hearing, the EFCC presented a report from Nizamiye Hospital, which contradicted Gambaryan’s family’s assertions that he “can no longer walk.”
The EFCC’s position is that Gambaryan’s claims about his health are exaggerated and aimed at securing his release from custody. The commission emphasized that proper medical facilities exist in Nigeria to address his health concerns.
Gambaryan’s case is a significant chapter in Nigeria’s ongoing struggle with cryptocurrency regulation. As digital currencies gain popularity, concerns about money laundering, fraud, and other illicit activities have prompted authorities to tighten their grip on the industry.
Nigeria has been at the forefront of cryptocurrency adoption in Africa, with many citizens using digital currencies for transactions. However, the lack of regulation has led to challenges, including scams and financial crimes. The government is working to establish clearer regulations to safeguard the economy and protect consumers.
Gambaryan’s arrest and the subsequent court proceedings have drawn mixed reactions from the public and industry observers. Supporters argue that the legal actions against him could have significant implications for Binance’s operations in Nigeria and beyond. Critics, however, see the case as part of a broader crackdown on the cryptocurrency industry, which they believe could stifle innovation.
Many in the cryptocurrency community are closely monitoring the developments surrounding Gambaryan’s case. They worry that excessive regulation and law enforcement actions may deter investment and drive businesses away from Nigeria.
Despite the setbacks, Gambaryan’s legal team remains determined to secure his release. They plan to pursue the pending appeal regarding the denial of his initial bail application, hoping that the court will reconsider the circumstances surrounding his health and legal situation.
Gambaryan’s lawyers stated, “We believe that justice will prevail. Our client deserves to be treated fairly, and we will continue to fight for his rights.”
