Jailed Binance Exec’s Bail Hearing in Nigeria Postponed Until May 17

The Nigerian court in Abuja has delayed the bail hearing for detained Binance executive Tigran Gambaryan, meaning he will stay in prison at least until May 17.

Gambaryan, a citizen of the United States and ex-agent of the Internal Revenue Service (IRS), holds the position of head of financial crime compliance at Binance. He and Binance’s regional manager for Africa, Nadeem Anjarwalla, who is a national of both the United Kingdom and Kenya, were taken into custody on February 26 upon their arrival in Abuja, Nigeria, following an invitation from the Nigerian authorities.

Previously, the Nigerian government had blamed Binance for facilitating currency speculation that led to the naira’s depreciation. Initially, Nigerian authorities refuted reports of Gambaryan and Anjarwalla’s arrest upon arrival in the country. However, they were subsequently placed under house arrest, and both individuals, as well as Binance, faced charges for money laundering and tax evasion about a month later.

After Anjarwalla mysteriously escaped and fled the country, Gambaryan was transferred to Kuje prison, sharing facilities with suspected Boko Haram terrorists. In a video recorded on March 23rd, an anxious Gambaryan pleaded for assistance from the US government, expressing his lack of awareness about Anjarwalla’s escape plans.

The government’s action towards Gambaryan’s incarceration has been mild. As reported by his relatives, Gambaryan has had just a single visit from US embassy personnel since transferring to Kuje prison, and he faces restrictions in consulting with his lawyers.

“Yuki Gambaryan spoke out, expressing her deep concern: ‘The way my husband is being treated is unjust. I’m stuck in a cycle of sadness and worry, unsure of what further injustices he may face.’ She was infuriated that an innocent man like Tigran remained imprisoned, with no decision on bail until after the trial had begun.”

Gambaryan and Anjarwalla have brought legal action against Nigeria’s National Security Advisor, Nuhu Ribadu, and the Economic Financial Crimes Commission, alleging breaches of their fundamental human rights.

Gambaryan has entered a plea of “not guilty” for all the accusations levied against him, which his relatives have dismissed as “unfounded.”

Starting May 2, the money laundering trial for Gambaryan and Binance will commence in court. Meanwhile, the proceedings for their tax evasion charges will start on May 17 separately.

According to Gambaryan’s family, he will spend his 40th birthday in prison.