In the latest development surrounding the ongoing legal saga involving Binance and Nigerian authorities, the cryptocurrency giant has issued a statement expressing deep concern over the condition of its detained executive, Tigran Gambaryan. The statement comes in the wake of the Economic and Financial Crimes Commission’s (EFCC) denial of allegations that Gambaryan’s health has severely deteriorated while in custody.

During a court session on Monday, September 2, 2024, at the Federal High Court in Abuja, the EFCC’s lead counsel, Ekene Iheanacho, countered claims regarding the severity of Gambaryan’s health issues. Iheanacho disputed the portrayal by Gambaryan’s family and legal team, asserting that while the executive has a long-standing herniated disc issue, he has been seen walking within the detention facility, contrary to reports that he was bedridden and critically ill.

EFCC’s Defense and Binance’s Counterclaims

The EFCC maintained that Gambaryan has received appropriate medical attention, including hospital visits, during his detention. This assertion was part of the commission’s response to a new bail application filed by Gambaryan’s lawyer, Mark Mordi SAN. Mordi cited his client’s worsening health and the lack of adequate medical care as urgent reasons for his release.

However, Binance’s statement paints a much more concerning picture. The company highlighted a video from the court proceedings, showing Gambaryan entering the courtroom on crutches, visibly in pain and eventually breaking down in tears. According to Binance, Gambaryan was denied the use of a wheelchair, which significantly worsened his condition.

“We are extremely distressed by the video of Tigran in court yesterday. This video is just a snapshot of Tigran’s current reality. His health is rapidly declining, and we are deeply concerned about the long-term consequences of this unjust detention,” a Binance spokesperson expressed.

Binance further criticized the continued detention of Gambaryan as unnecessary, especially in light of other international resolutions. The company pointed to recent settlements with Brazil and India, which were resolved through constructive dialogue rather than prolonged detention, calling on the Nigerian government to allow Gambaryan to return home.

What’s next?

With the bail hearing set to continue on September 4, 2024, the presiding judge has ordered that Gambaryan be permitted the use of a wheelchair during future court appearances. This ruling, though a small relief, underscores the ongoing tensions between Binance and Nigerian authorities.

The outcome of this case could have far-reaching implications for Binance’s operations, especially in regions like Africa, where the cryptocurrency market is burgeoning.

As the legal battle continues, the global cryptocurrency community is watching closely. Binance’s latest statement not only sheds light on Gambaryan’s deteriorating health but also raises critical questions about the methods used to resolve disputes in the international business environment. Whether through legal channels or diplomatic negotiation, the resolution of this case will likely influence the future of cryptocurrency regulations in Africa and beyond.