The trial of Binance executive Tigran Gambaryan, detained in Nigeria, has been rescheduled following his absence from court due to medical reasons. The Federal High Court in Abuja, presided over by Judge Emeka Nwite, adjourned the case until October 25, allowing Gambaryan time to seek the medical treatment he urgently requires.
Gambaryan, who has been held in Nigeria since February, has faced ongoing legal battles and health challenges throughout his detention. His defense team has consistently raised concerns over his deteriorating condition, noting that he requires specialized surgery for a herniated disc that has caused irreversible damage. Despite these pleas, an earlier request for bail on health grounds was dismissed by the same judge in early October. However, the court did grant permission for Gambaryan to be transferred to a hospital for proper medical care.
The arrest of the Binance executive has garnered significant attention, particularly from international observers. U.S. legislators have argued that his detention is unjust and have called for Nigerian authorities to reconsider the circumstances surrounding his case. His wife, Yuki Gambaryan, expressed her concerns publicly in August, making an emotional plea to the Nigerian government to release her husband on humanitarian grounds. She emphasized that the required surgery is both highly specialized and risky, and any further delays could result in permanent harm to her husband’s health.
The case has not only raised questions about the health and well-being of Gambaryan but has also shone a spotlight on Nigeria’s crackdown on cryptocurrency exchanges, particularly Binance. Earlier this year, Nigerian authorities launched a nationwide operation targeting crypto platforms, which they claimed were contributing to the country’s ongoing foreign currency crisis. Binance, one of the world’s largest cryptocurrency exchanges, found itself at the center of these investigations.
The crackdown intensified after it was revealed that over $26 billion had allegedly been transferred through Binance Nigeria from undisclosed sources, raising concerns about the platform’s involvement in illicit financial activities. Yemi Cardoso, governor of the Central Bank of Nigeria (CBN), highlighted the issue, stating that the surge in cryptocurrency transactions had worsened Nigeria’s already dire dollar shortage. As a result, authorities imposed a hefty $10 billion fine on Binance, a penalty the company has denied any knowledge of.
In response to the increasing regulatory pressure, Binance suspended all trading and transactions involving the Nigerian naira in March 2024. The move came as the Central Bank of Nigeria ramped up efforts to curb what it described as a “clandestine market” for foreign currency fueled by cryptocurrency exchanges. The suspension of naira-based services by Binance marked a significant shift in the platform’s operations in Nigeria, a market that had become increasingly reliant on cryptocurrency as an alternative means of accessing foreign exchange.
Leave a comment