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Binance Exec Denied Bail in Nigerian Court

Tigran Gambaryan has been detained for nearly 3 months.
David C David C May 17, 20241 min read
Binance Exec Denied Bail in Nigerian Court

Justice Emeka Nwite of Nigeria's Federal High Court has denied bail to Binance executive Tigran Gambaryan, deeming him a flight risk.

What's the scoop?

  • Court Ruling and Charges: The Nigerian court refused to grant Gambaryan bail, who faces money laundering and tax violation charges.
  • Background and Detention: Gambaryan has been detained since late February, when he arrived in Nigeria with Binance’s Africa regional manager, Nadeem Anjarwalla, to discuss the company's operations with the Nigerian government.
  • Trial Ongoing: The trial began on Friday with Gambaryan pleading not guilty to money laundering.

Bankless Take:

Nigeria's refusal to grant bail to Binance's Tigran Gambaryan highlights a concerning precedent. Detaining employees invited for policy discussions is kidnapping, setting a dangerous standard for international business interactions. As a country notorious for corruption, Nigeria’s continued detention of Gambaryan, a U.S. citizen and financial crime compliance officer, should spark serious concern and calls for intervention. Sadly, given the relationship between the U.S. and Binance, the U.S. may not be quick to intervene.

Tigran Gambaryan is Innocent and Must Be Released | Binance Blog
Tigran Gambaryan is Innocent and Must Be Released

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David C

Written by David C

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David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.

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