Tigran Gambaryan, Head of Financial Crime Compliance at Binance, worked as a Special Agent for the Internal Revenue Service (IRS) in the U.S. for approximately ten years before joining Binance. In February 2024, Gambaryan and Nadeem Anjarwalla, another Binance executive, were arrested in Nigeria on charges of money laundering and tax evasion. He has been detained in a Nigerian prison since then, facing health issues and legal challenges.
Short Narrative
Binance executive Tigran Gambaryan is pleading with a Nigerian court for bail and urgent medical treatment as his health continues to deteriorate amid a money laundering trial. Gambaryan, who suffers from a herniated disc and has developed pneumonia and malaria during his incarceration, requested surgery and the use of a wheelchair, which has repeatedly been denied.
Despite his pleas, Nigerian prosecutors dispute the severity of his medical condition, claiming that prison officials are providing adequate care. Gambaryan, detained since April on charges of currency speculation and money laundering involving $35 million, denies all allegations. His employer, Binance, faces similar charges and also denies any wrongdoing. The trial has been adjourned to September 4 for a ruling on his bail application.
Key Points
- The Case: Binance Nigeria
- Defendants: Binance Holdings Ltd, Tigran Gambaryan, Nadeem Anjarwalla – A British-Kenyan Binance executive initially detained but escaped custody in March 2024.
- Jurisdiction: Nigeria
- Health Concerns: Tigran Gambaryan, a Binance executive, is suffering from a herniated disc, pneumonia, and malaria while detained in Nigeria. His requests for surgery and a wheelchair have been denied, leading to claims of inadequate medical care.
- Legal Battle: Gambaryan and Binance are facing charges of currency speculation and money laundering totaling $35 million. Both parties deny the allegations.
- Court Actions: The judge has ordered prison officials to provide a wheelchair, but Gambaryan’s lawyer claims his client’s condition has worsened due to neglect and lack of access since the last court session.
- Next Steps: The trial is set to continue on September 4, when a ruling on Gambaryan’s bail application is expected.
Actionable Insight
The ongoing trial against Binance and its executive highlights the escalating scrutiny and regulatory challenges faced by cryptocurrency exchanges in various jurisdictions. This case underscores the importance for crypto companies to ensure robust compliance with local laws and regulations, as well as to be prepared for rigorous legal defenses. Moreover, it reflects the necessity for companies operating globally to anticipate and address potential legal and health-related risks for their employees.
