Binance Releases Statement Following Bail Denial for Detained Executive Tigran Gambaryan: “Deeply Disappointed”

A Nigerian court rejected the bail request for Binance executive Tigran Gambaryan on Friday, October 11, 2024, prompting a strong response from the cryptocurrency exchange, which conveyed “deep disappointment” regarding the ruling.

A Nigerian court has denied bail for @binance executive Tigran Gambaryan despite serious health concerns.#Crypto #Binance #Nigeriahttps://t.co/r0irdvAkZI

— Cryptonews.com (@cryptonews) October 11, 2024

Gambaryan has been in custody for more than 220 days, and Binance is actively disputing the validity of his detention.

Binance Critiques Gambaryan’s Prolonged Imprisonment

“We are profoundly disappointed by the court’s ruling to deny Tigran bail, especially in light of his declining health. He has been unlawfully detained for over 220 days,” a Binance representative stated in a communication with Cryptonews.

“Tigran did not travel to Nigeria as a decision-maker, and there is no valid justification for his continued detention. We are dedicated to collaborating with the Nigerian authorities to address these matters, but Tigran must be permitted to return home,” the representative added.

Gambaryan, a notable figure in the crypto compliance sector, has been incarcerated at Kuje prison near Abuja on charges that seem to originate from his role at Binance. However, doubts remain regarding the legitimacy of these allegations.

As Gambaryan’s health continues to decline while in custody, worries about his unjust imprisonment are escalating.

Tigran Gambaryan’s Health Declines During Imprisonment

The detained executive has faced significant health challenges during his incarceration, including malaria and double pneumonia.

Video from a September 2024 court appearance depicted Gambaryan limping in evident distress due to a herniated disc, reportedly being denied access to a wheelchair.

NEW: Former US federal agent Tigran Gambaryan seen on crutches while being tortured and held hostage in Nigeria as the Biden Admin fails to help.
The Binance executive has been held captive for 6 months after he was lured to Nigeria for a business meeting.
Gambaryan’s family is… pic.twitter.com/eDtPeSduo3

— Collin Rugg (@CollinRugg) September 3, 2024

“I’m not okay,” Gambaryan expressed 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 highlighted that Gambaryan does not possess significant decision-making power at the exchange, and his extended detention has raised humanitarian concerns.

“I am extremely worried about the long-term, potentially irreversible physical and mental effects this terrible situation is having on Tigran,” Binance CEO Richard Teng stated in a previous comment. “I once again urge the Nigerian government to permit him to return to his family on humanitarian grounds so that he can receive the necessary medical care in the US, recover, and regain his health.”

Ambiguous Charges and Global Outcry

Richard Weber, a former IRS special agent, voiced his concerns on the “Illicit Edge” podcast, further questioning the legitimacy 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,” Weber remarked. “I don’t even think the Nigerian government knows what he did wrong, and yet they are holding him there.”

As Gambaryan’s health deteriorates and his detention continues, demands for his release are intensifying. Binance, along with various international advocates, persists in its efforts to secure the executive’s freedom.

The post Binance Issues Statement After Detained Exec Tigran Gambaryan Denied Bail: “Deeply Disappointed” appeared first on Cryptonews.