Binance executive jailed in Nigeria to know bail outcome next month

Binance executive, Tigran Gambaryan, will have to wait until October 9 to learn if he will be granted bail or remain in custody.

Gambaryan, a US citizen, has been held since February amid a dispute between Binance, the world’s largest cryptocurrency exchange, and the Nigerian government.

As Binance’s head of financial compliance, Gambaryan is facing charges of money laundering. Meanwhile, Binance itself is facing separate charges for tax evasion.

He has denied all allegations.

During the latest bail hearing, his lawyer argued that Gambaryan needs surgery outside of prison and that his health is getting worse.

However, on Wednesday, the Federal High Court in Abuja ordered him back to prison.

In March, Binance halted all transactions and trading in naira after a nationwide crackdown on crypto exchanges, which authorities claim are fueling the black market for foreign currency.

The Nigerian government has been tightening its grip on cryptocurrency activities, citing concerns over the impact on the country’s foreign exchange market and financial stability. Authorities believe that unregulated crypto trading, especially on platforms like Binance, contributes to illegal financial activities and the weakening of the naira, Nigeria’s currency.

Binance, in response, has defended its operations, stating that it adheres to strict compliance measures and works closely with regulatory bodies to ensure its platform is not used for illegal purposes.

The exchange also emphasized its global efforts in preventing money laundering and fraud, while maintaining that the charges against Gambaryan are baseless.

This legal battle has drawn attention to the broader tensions between cryptocurrency exchanges and governments worldwide, as many countries struggle to regulate digital currencies and their impact on traditional financial systems.

In Nigeria, where crypto adoption has grown significantly, the outcome of this case could shape the future of digital currency regulation in the country.

For now, Gambaryan remains in custody, awaiting the court’s decision on his bail request, as both Binance and the Nigerian government continue their legal standoff.