Binance executive Tigran Gambaryan is facing continued imprisonment in Nigeria after a judge denied his request for bail. Gambaryan, a former US Internal Revenue Service (IRS) agent and Binance’s current crypto compliance officer, was arrested in February on charges of money laundering and operating an unlicensed financial institution.
Reports indicate that Gambaryan and a colleague had traveled to Nigeria for regulatory discussions, but Gambaryan was arrested while his colleague managed to escape. In August, concerns were raised about Gambaryan’s deteriorating health while in prison, specifically related to a herniated disc.
Despite his lawyer, Mark Mordi, requesting bail for medical treatment, Justice Emeka Nwite rejected the request, stating that health issues alone are not sufficient grounds for release unless there is a risk to others. However, the judge did order Gambaryan to be referred to a hospital for treatment.
Binance CEO Richard Teng has disputed the Nigerian government’s allegations of currency manipulation and criticized the treatment of Gambaryan as “inhumane.” Teng highlighted that the Naira’s decline was not directly linked to Binance’s actions, as the currency had been decreasing in value even after Binance stopped offering peer-to-peer services in the country.
The situation involving Gambaryan remains unresolved, with ongoing legal proceedings in Nigeria. The case has sparked concerns about the treatment of individuals involved in the cryptocurrency industry and the need for fair and transparent legal processes.
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Image source: Midjourney
This rewritten article covers the key points from the original source while providing a fresh perspective on the ongoing situation involving Tigran Gambaryan in Nigeria.