As a researcher with extensive experience in the global financial landscape, I find myself deeply concerned about the ongoing detention of Binance Executive Tigran Gambaryan in Nigeria. The denial of bail yet again is disheartening, and it raises questions about the rule of law and due process in this situation.
Attempts to secure the release of Binance Executive Tigran Gambaryan in Nigeria have so far been unsuccessful, as reported by a family representative. The latest update is that a Nigerian judge has declined to grant him bail for a second time.
The crypto exchange’s Head of Financial Crime Compliance has stayed in the notorious Kuje prison in Abuja for almost eight months. This latest development comes after the court initially deferred the decision to bail in September.
Binance Executive’s Health Deteriorating in Nigerian Prison
In February, both Binance and Gambaryan were accused of tax fraud and money laundering. Simultaneously, Nadeem Anjarwalla, Binance’s regional manager for Africa, was detained together with Gambaryan; however, Anjarwalla subsequently managed to evade custody. Eventually, the Nigerian authorities chose not to pursue the tax evasion case against Gambaryan.
In May, Binance CEO Richard Teng urged the West African nation to unconditionally release the executive. Binance even engaged with the United Kingdom’s High Commission and the US Embassy. In compliance with authorities’ demands, Binance also delisted all Naira trading pairs, including P2P trading.
Without a resolution, Teng alleged that the Nigerian government was deliberately delaying the case to demand payments from the company.
“To invite a company’s mid-level employees for collaborative policy meetings, only to detain them, has set a dangerous new precedent for all companies worldwide,” Teng emphasized.
In response to the plea for Gambaryan’s release on bail, Judge Emeka Nwite decided that it would be best to keep him in the Kuje Correctional Centre as there is a risk he might flee if given the opportunity.
There’s been a great deal of urgency for his release that has built up on the Nigerian government as of late. Binance has appealed to both the U.S. government and international organizations to step in and facilitate Gambaryan’s safe return. Due to bouts with malaria, pneumonia, and tonsillitis, the executive’s health condition has worsened significantly, leaving him in considerable discomfort and needing assistance to walk.
Several individuals have criticized the West African country for denying medical treatment and legal assistance to Gambaryan. Mark Morris, his attorney, has underscored the necessity of surgery for him. Moreover, Yuki Gambaryan, his wife, has expressed her determination not to give up until Gambaryan is freed from the Kuje Correctional Centre.
Tigran’s wife expressed that it’s utterly unfair for anyone in his situation to be denied access to proper medical care. She fervently hopes that by the time he is freed, the harm he has endured won’t be irreversible.
Ex-Binance CEO Released from Prison
Despite Gambaryan remaining in prolonged detention, the previous CEO of Binance, Changpeng ‘CZ’ Zhao, has now been released from prison following a four-month incarceration. Originally, his release date was scheduled for Sunday, September 29.
Instead, due to BOP regulations, inmates can exit prison early when their release date coincides with weekends or holidays. Consequently, CZ departed from prison a few days ahead of his planned departure. As part of his penalties, he will no longer be returning to Binance to head the company.
Significantly, CZ continues to have plans for investing in blockchain technology, with a particular focus on its application within the biotechnology and Artificial Intelligence industries.
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2024-10-11 15:45