The case involving the Nigerian Securities and Exchange Commission (SEC) against Binance, the world’s largest cryptocurrency exchange, continues to linger. A judge has once again denied bail for an executive of the exchange, who has been in detention since February.
According to a report from local media Nairametrics, Justice Emeka Nwite rejected the second bail application for Tigran Gambaryan, Binance’s head of financial crime compliance, at a Federal High Court in Abuja. The denial was based on the fact that an appeal regarding the first bail application is still pending.
Gambaryan has remained in Nigerian custody since February, and after an escape incident involving another executive during prayer at a mosque, he was transferred to the notorious Kuje prison. The Nigerian Economic and Financial Crimes Commission (EFCC) has charged Gambaryan with money laundering, claiming he assisted Binance in concealing over $35.4 million in revenue from illegal activities, including forex transactions in Nigeria.
Despite pleading not guilty, Gambaryan’s lawyer, Mark Mordi, has faced challenges securing his release on bail. Mordi has argued that his client is suffering from pneumonia, malaria, tonsillitis, and a herniated disc, requiring surgery and proper medical treatment.
During the last bail hearing, the EFCC’s legal team refuted the health-related arguments presented by Gambaryan’s defense, citing a medical report from an Abuja clinic suggesting the defendant was refusing prescribed medication and food. The EFCC further argued that Gambaryan’s condition could be managed by medical professionals in Nigeria.
The judge labeled the second bail application an abuse of court process due to the ongoing appeal of the first bail decision. Judge Nwite stated that no new evidence had been presented regarding Gambaryan’s medical needs, as Nigerian hospitals are capable of providing necessary treatment.
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