Binance Exec Denied Bail Amid Health Crisis

Tigran Gambaryan, a high-ranking Binance executive, has been denied bail despite severe health complications, according to a family spokesperson. Gambaryan, who oversees Binance’s financial crime compliance, has been in Nigerian custody since February and is reportedly suffering from a herniated disc in his back, causing debilitating pain. His family has been pushing for his release on medical grounds. But their efforts have so far been unsuccessful.

A Worsening Health Crisis

The situation surrounding Gambaryan’s health has worsened over recent months. The spokesperson said he is now unable to walk without assistance and requires specialized, high-risk surgery. “He’s suffered countless health scares, and the pain he’s experiencing from the herniated disc is so severe that he can no longer walk unaided,” the family shared.

While Nigerian authorities have maintained that Gambaryan is “fine,” these claims were contradicted by his wife in July, who stated he was in “shockingly bad” condition. His family continues to fight for his release, fearing permanent damage if he is denied proper medical care for much longer.

The Arrest and Charges

Gambaryan’s ordeal began in February when he and fellow Binance executive Nadeem Anjarwalla traveled to Nigeria to negotiate with officials regarding the ban on several cryptocurrency exchanges, including Binance, Coinbase, and Kraken. Initially, Gambaryan and Anjarwalla were charged with tax evasion and money laundering, although the tax evasion charge was later dropped.

The charges stemmed from allegations made by the Empowerment for Unemployed Youths and Niger Delta Youths Council, accusing the exchanges of facilitating terrorist financing and money laundering. In late March, Anjarwalla managed to escape custody under the guise of attending prayers, reportedly using a concealed passport to flee the country. Gambaryan, however, remains detained.

Family and Political Support

Yuki Gambaryan, Tigran’s wife, expressed her anguish over his continued imprisonment, particularly given his deteriorating health. Through a spokesperson, she stated, “It is completely unjust to deny someone in Tigran’s condition the opportunity to seek appropriate medical help. I just pray that when he is finally released, the damage is not permanent.”

The family’s fight has gained political attention, with Rep. Rich McCormick (R-GA) leading calls for the U.S. to intervene in Gambaryan’s case. McCormick told Decrypt that the situation has been largely ignored, with distractions from the ongoing election cycle and a general lack of understanding about cryptocurrency contributing to the inaction. “Crypto is still very misunderstood,” McCormick noted, adding that there has been “some laziness” in looking into the specifics of Gambaryan’s case.

The denial of bail for Tigran Gambaryan, despite his severe medical condition, has left his family and political allies frustrated. With his health rapidly declining and his detention dragging on, the situation highlights ongoing issues surrounding crypto regulation and justice on the international stage. As calls for his release intensify, the outcome of Gambaryan’s case could set a significant precedent for the treatment of crypto executives in legal disputes worldwide.