- Justice Emeka Nwite rejected Gambaryan’s application, stating that it was an abuse of court processes
- Gambaryan had already appealed his first rejected bail application
- Gambaryan was detained when he visited Nigeria at the invitation of the Nigerian government
A federal high court in Abuja, Nigeria’s capital, has rejected the bail application of Tigran Gambaryan, the detained Binance executive. The application was based on Gambaryan's deteriorating health. Until his arrest, Gambaryan was the head of financial crime compliance at Binance.
Justice Emeka Nwite rejected Gambaryan’s application, stating that it was an abuse of court processes because Gambaryan had already appealed his first rejected bail application.
Gambaryan’s lawyer, Mark Mordi, asked the court to grant his client bail to enable him to get medical attention to treat his herniated disk, which has made walking very difficult for him.
Why is Tigran Gambaryan detained in Nigeria?
Gambaryan has been detained in Nigeria for more than seven months on charges related to money laundering and tax evasion. The Nigerian government alleges that Binance allowed bad actors to use its platform to manipulate the local currency naira, finance terrorism, and launder crime proceeds.
Gambaryan was detained when he visited Nigeria at the invitation of the Nigerian government to discuss how Binance and security forces in Nigeria would collaborate to curb money laundering via crypto in the country.
Just after the meeting, Gambaryan was arrested alongside Nadeem Anjarwalla, the regional manager for Binance in Africa. Weeks later, Anjarwalla escaped from the guest house, where they were detained. Officials said he fled Nigeria using a smuggled passport.
After Anjarwalla’s escape, Gambaryan was charged and later detained at a prison facility on the outskirts of Abuja. Since then, he has attended court sessions from the prison and has pleaded that he was sick and needed medical attention.
Binance and some US officials have described the detention of Gambaryan as unlawful and inhuman, saying it was a kidnapping. Gambaryan has also maintained his innocence about the charges and stated that he should not be charged for crimes the government thinks Binance committed.
Also, Gambaryan’s family has complained about his ill health and asked the Nigerian government to release him to get medical attention. On August 26, Gambaryan’s wife, Yuki, said her husband was unable to walk due to ill health.
“Tigran Gambaryan, my husband, a former US federal agent, has now been detained in a Nigerian prison for half a year. His health is deteriorating to the point where he can no longer walk and he is being inhumanely denied the use of a wheelchair. Between bouts of malaria, pneumonia, and the incredible mental toll of his detention, Tigran, who is usually so strong, is reaching a breaking point. He needs immediate medical treatment and risks permanent damage,” Yuki said in a video message.
"For six months, our living nightmare has been filled with pleas. Pleas to the U.S. government, pleas to the Nigerian government, pleas to the media, pleas to anyone who will listen. I am pleading for their mercy, for their understanding, for their humanity. My husband is innocent and needs to be released before it is too late and the damage done to him is irreversible. Six months is too long; please help me bring my husband home,” she added.
Crypto sponsorship of English premier league clubs hit £130 million in 2024
Meanwhile, TheRadar earlier reported that football clubs in the top tier of the English league, the Premier League, secured crypto sponsorship deals worth some £130 million in 2024 alone. This significant surge comes just two years after what experts describe as a global crypto downturn, which affected the valuation of several crypto firms and caused a massive decline in token values.
Data from SportQuake, as quoted by Bloomberg, shows that at the beginning of the Premier League 2024/25 season, sponsorship deals involving crypto firms and Premier League clubs were worth some £130 million ($170 million). This amount is likely to increase before the end of the season as more deals are anticipated.
