Binance CEO Tigran Gambaryan will reportedly remain jailed in Nigeria after a judge denied his request for bail.
According to a new report from Bloomberg, his request for bail was rejected by a judge of Nigeria’s Federal High Court of Gambaryan, a former agent of the US Internal Revenue Service (IRS) and Binance’s current crypto compliance officer.
Gambaryan was arrested in February and charged with money laundering and operating an unlicensed financial institution.
According to previous reports, he and a colleague initially traveled to the African country to participate in regulatory discussions. Gambaryan was imprisoned shortly afterwards while his colleague managed to escape. In August, it was reported that Gambaryan’s health had deteriorated in prison.
Gambaryan’s lawyer, Mark Mordi, asked the court to grant Gambaryan bail so he could receive medical care for his hernia.
However, according to Bloomberg, Judge Emeka Nwite said that a person with health problems “does not entitle him to leave custody unless the detainee’s continued stay causes harm to others and quarantine is not available,” although he did tell the prison to order Gambaryan for refer treatment to a hospital.
In an earlier statement, Binance CEO Richard Teng disputed the Nigerian government’s claims of currency manipulation. He also called Gambaryan’s treatment “inhumane.”
“Another claim by the Nigerian government was that Binance was responsible for the decline of its currency, which is not supported by facts…
The Naira traded at a recent low of $1:1,660 on July 31, 2024, representing a 50% decline from the start of 2024. This downward trend continued despite Binance stopping offering P2P services (peer-to-peer) in the country by 2024. February 2024.”
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