Binance exec Tigran Gambaryan denied bail in Nigeria

Binance executive Tigran Gambaryan was denied bail at a Nigerian hearing on Friday.

The executive’s been detained since February when he visited the country to meet with Nigerian officials on behalf of Binance. He’s facing money laundering charges.

Gambaryan’s also suffering from health issues yet is still imprisoned at the Kuje Prison. And I wish I could report that there was, well, more to report. But unfortunately, at this point, there’s not.

“We all know that Tigran was never a decision-maker at Binance and that he is entirely innocent but I am not surprised by this decision. It is completely unjust to deny someone in Tigran’s condition the opportunity to seek appropriate medical help and I just pray that when he is finally released that the damage he is suffering is not permanent. I am exhausted and deeply disappointed, but I will continue fighting for my husband’s rightful freedom,” his wife, Yuki Gambaryan, said in a statement.

Binance echoed her thoughts, with a spokesperson telling Blockworks that the company is “deeply disappointed by the court’s decision to deny Tigran bail, particularly given his deteriorating health. He has been unlawfully detained for over 220 days.”

“We are committed to working with the Nigerian government to resolve issues,” they added.

Gambaryan has a long and storied history with crypto. Prior to joining Binance, he worked as an IRS agent with a focus on digital currency.

He served as a special agent involved in taking down former Drug Enforcement Administration agent Mark Force and former Secret Service agent Shaun Bridges, who were both involved in the Silk Road.

Gambaryan wrote that the two “abused their positions” as federal agents in a 2015 affidavit. When detailing his experience, he said that he “developed a specialty in cyber and digital currency crimes.”

Wired’s Andy Greenberg — who wrote the book Tracers in the Dark: The Global Hunt for the Crime Lords of Cryptocurrency with Gambaryan as the protagonist — called the former IRS agent “kind of a legendary figure in the crypto crime investigation world.”

Earlier this month, Yuki Gambaryan did an interview with Illicit Edge’s new podcast “Designated” about his imprisonment.

“Tigran is innocent, he didn’t do anything wrong,” she told host Yaya Jata Fanusie. She also pushed for more “decisive actions” from the US government.

“I am having this constant fear of losing Tigran,” Yuki went on to say.

Get the news in your inbox. Explore Blockworks newsletters:

Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
Empire: Start your morning with the top news and analysis to inform your day in crypto.
Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
The Drop: For crypto collectors and traders, covering apps, games, memes and more.
Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.