UPDATED: “It’s a Lie!”: Gambaryan Cries Out as 2nd Bail Hearing Ends in Deadlock

• Binance’s Tigran Gambaryan will have to wait to know if he will get respite from prison.
• A key contention in the recent bail hearing was whether Gambaryan’s health challenge was beyond the prison’s capacity.
• Beyond the bail hearing, proceedings in the money laundering case have resumed.

For the better part of the past six months, Tigran Gambaryan, Binance ‘s chief financial crime compliance officer—a U.S. citizen and former IRS agent— has been incarcerated in one of Nigeria’s most notorious prisons, far away from his family and loved ones, for alleged offenses committed by his employers.

While the Binance executive has managed to shake tax evasion charges , money laundering charges have persisted. Amid less-than-ideal living conditions and worsening health, the Binance executive has sought reprieve through bail, but these efforts continue to face roadblocks.

Judge Calls for Time

Binance’s Tigran Gambaryan will have to wait to know if he will get some respite from the horrendous conditions of Nigeria’s infamous Kuje Prison. In a Wednesday, September 4, hearing observed by my colleague, DailyCoin reporter Grace Abidemi , Nigeria Federal High Court Judge Justice Emeka Nwite asserted that he needed more time to consider the Binance man’s most recent application for bail on medical grounds filed on August 28, setting a ruling date of October 9.

Before now, the judge had denied Gambaryan bail in May 2024, arguing that he was a flight risk even though the Binance executive’s travel documents have been in the custody of the country’s National Security Adviser Nuhu Ribadu since February 2024.

The recent deferral comes despite Gambaryan reportedly suffering from severe mobility impairments from a rapidly deteriorating spinal condition requiring immediate surgery amid bouts of malaria and pneumonia.

What Transpired in Court

DailyCoin observed the key contention in the Wednesday, September 4 bail hearing: whether Tigran Gambaryan’s health challenges required intervention beyond the scope of what the Nigerian Correctional Service could provide.

Urgent Medical Care

Presenting Gambaryan’s case for bail, Mark Mordi requested full bail or a six-week bail for urgent medical care. Mordi argued that the Binance man required specialist intervention from an orthopedic surgeon and a psychiatrist. According to the attorney, Gambaryan suffered from a deteriorating disk condition and anxiety in addition to the reported bouts of malaria and pneumonia.

The attorney based his argument for Gambaryan’s urgent medical care on a July 18 medical report from the State House Annex clinic, where a neurosurgeon recommended that the Binance executive undergo lumbar surgery as soon as possible.

Beyond trying to point out that Gambaryan’s condition exceeded the scope of what the Nigerian Correctional Service could handle, Mordi also argued that the Correctional Service and the prosecution had shown gross negligence.

"We are treating him like he is a container of goods," the defense lawyer lamented.

The declaration came as he argued that the prosecution and the Correctional Service had been aware of the report stating Gambaryan needed urgent surgery since July 18 but had not brought it to the attention of the defense or the U.S. consulate till over a month later when the defense filed the recent bail application.

"It is of no use to anybody, neither them or us if he dies," Mordi submitted, pleading for Justice Emeka Nwite to grant the bail.

Mordi’s arguments were, however, challenged by the prosecution, who offered a contrasting picture of the facts.

Gambaryan Refusing Treatment?

Arguing against Gambaryan’s bail application, lawyer for Nigeria’s anti-graft agency Emeka Iheanacho asserted that contrary to claims made by the defense, the Binance man’s condition was not beyond the capacity of the Correctional Service. He pointed out that Gambaryan’s struggles with anxiety and with his spine were historical medical conditions, additionally asserting that evaluations at a medical facility showed that he was not under excessive stress.

He further claimed that Gambaryan was the one who had refused treatment, outlining an alleged scenario where the Binance executive had been taken to two neurosurgeons for his herniated disk condition who were unable to treat him because of his alleged resistance. According to the lawyer, Gambaryan was doing this to force a transfer out of the prison.

These arguments triggered a reaction from Gambaryan, who cried, “It’s a lie!”

Undeterred, however, Iheanacho submitted:

"They [the Nigerian Correctional Service] cannot force the defendant to undergo treatment."

Iheanacho further suggested that the defendant was likely exaggerating his symptoms, pointing to the recurring theme of high-profile defendants feigning illness to avoid prosecution in Nigeria.

This statement elicited an objection from Mordi, who pointed to the prosecution’s medical report, which suggested that Gambaryan indeed needed surgery.

Nonetheless, Iheanacho maintained that Gambaryan’s claims of bad health were not enough to warrant bail.

"Mere argument of bad health is not sufficient for the application of bail. It is our submission that there is no evidence that he cannot be treated in the facility. The request for bail can not be granted."

“There is Nothing I Can Do”

At this point, Justice Nwite called for more time to rule on the matter. When Gambaryan’s lawyer, Mordi, reminded him that the herniated disk condition was degenerating, the judge suggested that his hands were tied.

“There is nothing I can do,” Justice Nwite asserted, adding that he had other rulings to deliver.

Still, Mordi pushed for some sort of order to get Gambaryan medical care. However, the judge appeared to side with the prosecution, asserting that Gambaryan was not being denied care at the Kuje Prison facility.

Mordi again stressed that these efforts, if they existed, were not working, as evidenced by the condition of his client, who had to be brought into the courtroom in a wheelchair after allegedly being mostly bedridden in prison.

In response, Justice Nwite offered an oral ruling requiring the Correctional Service to cater to Gambaryan’s medical needs.

"The correctional service facility should make available any medical treatment as the need arises," Justice Nwite ruled.

Following the bail hearing, the EFCC briefly resumed proceedings in the money laundering case brought against Binance and Gambaryan. 

These proceedings saw the continuation of the cross-examination of Olubukola Akinwunmi , head of payments policy and regulation at the Central Bank of Nigeria (CBN), called by the prosecution to speak on the nature of Binance’s operations in Nigeria and claim that these operations interfered with naira price discovery.

A Game of Cat and Mouse?

Through the questioning of CBN’s Akinwunmi on Wednesday, September 4, defense lawyers sought to establish two things:

• Binance’s business model did not fall under the purview of the CBN.
• The naira derivative traded on Binance was not the same as the fiat issued by the CBN.

Specifically, Binance’s legal representative Babatunde Fagbohunlu asked Akinwunmi whether discount houses, which offered brokerage services for securities, also fell under the definition of a money brokerage, which provided currency exchange services and under CBN regulation. However, the CBN official proved evasive, seemingly continuing a game of cat and mouse that had begun when cross-examination started on July 16.

In response to the question, Akinwunmi grudgingly murmured that he did not know, a response that appeared to infuriate Fagbohunlu, who argued that a CBN official who boasted over 20 years of experience could not claim not to know if a discount house could be classified as a money brokerage.

Beyond the CBN’s classification of discount houses, Fagbohunlu also asked Akinwunmi how the Central Bank classified the country’s CBDC , dubbed the eNaira, to establish the definition of fiat.

Fagbohunlu asked: 

"The eNaira is not the same as the fiat naira, correct?"

To which Akinwunmi answered:

"The eNaira is the same as the fiat. CBN by enabling act has the power to issue the fiat naira in any form, same in value."

Due to time constraints, the judge adjourned the cross-examination to October 11 and October 18.

In sworn prosecution-led testimony on July 5, CBN’s Akinwunmi told the court that Binance had offered unauthorized banking and currency exchange services to Nigerians. At the same time, he also tried to establish that the exchange had solicited Nigerian customers through its website and via physical events.

On the Flipside 

• While the judge has yet to issue an official decision, his stance that Gambaryan is not being denied care raises concerns over the Binance executive’s shot at bail.
• Gambaryan has a pending appeal for the previous decision to deny him bail in May 2024.

Why This Matters

Tigran Gambaryan has spent over six months in Nigerian detention. The saga continues to take a toll on the Binance executive and his family while setting a worrying precedent for U.S. crypto workers abroad.

Read this to find out how Tigran Gambaryan found himself in this nightmare:
Binance’s Gambaryan Still Detained After 6 Months: Where Are the Answers?

Learn about the platform billed as the Pump.fun of Ethereum:
What Is Ethervista; Much More Than a Pump.fun Rival on Ethereum?