Binance Issues Statement After Detained Exec Tigran Gambaryan Denied Bail: “Deeply Disappointed”

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Julia Smith

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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Last updated:

October 11, 2024 12:23 EDT

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A Nigerian court denied bail to Binance executive Tigran Gambaryan on Friday, October 11, 2024, leading to a strong reaction from the crypto exchange, which expressed “deep disappointment” over the decision.

Gambaryan has been held for over 220 days, and Binance continues to contest the legitimacy of his imprisonment.

Binance Criticizes Gambaryan’s Extended Detention

“We are deeply disappointed by the court’s decision to deny Tigran bail, particularly given his deteriorating health. He has been unlawfully detained for over 220 days,” a Binance spokesperson said in a statement shared with Cryptonews.

“Tigran did not go to Nigeria as a decision-maker and there is no good reason to continue to hold him. We are committed to working with the Nigerian government to resolve issues, but Tigran must be allowed to go home,” the spokesperson added.

Gambaryan, a prominent figure in the crypto compliance space, has been held at Kuje prison near the capital city of Abuja on charges that appear to stem from his work at Binance. However, concerns persist over the legitimacy of these charges.

As Gambaryan’s health continues to deteriorate in prison, concerns about his unjust detention are mounting.

Tigran Gambaryan’s Health Worsens Amid Detention

The imprisoned executive has battled severe health issues during his detention, including malaria and double pneumonia.

Footage from a September 2024 court hearing showed Gambaryan limping in visible pain due to a herniated disc, reportedly denied access to a wheelchair.

“I’m not okay,” Gambaryan cried in the video. “Why couldn’t I use a goddamn wheelchair? This is a show. I’m innocent—why are you doing this to me?”

Binance has consistently emphasized that Gambaryan holds no substantial decision-making authority at the exchange, and his prolonged detention has raised humanitarian concerns.

“I am deeply concerned about the long-term, potentially irreversible physical and mental impact this horrific episode is having on Tigran,” Binance CEO Richard Teng said in a prior statement. “I appeal once again for the Nigerian government to allow him to go home to his family on humanitarian grounds so that he can seek the appropriate medical treatment in the US, recover and get back to the healthy.”

Unclear Charges and International Outcry

Richard Weber, a former IRS special agent, spoke out on the “Illicit Edge” podcast, further questioning the validity of Gambaryan’s detention.

“He’s been in prison for over 200 days – almost eight months – and no one knows what he really did wrong,” said Weber. “I don’t even think the Nigerian government knows what he did wrong, and yet they are holding him there.”

As Gambaryan’s health falters and his detention drags on, calls for his release grow louder. Binance, along with various international advocates, continues to push for the executive’s freedom.