Tigran Gambaryan, the Binance executive held in Nigeria since February 2024, has had his recent request for bail turned down by Justice Emeka Nwite of the Federal High Court in Abuja.
This decision was influenced by the fact that Gambaryan’s previous bail application, which was based on health reasons, is currently being appealed.
Despite arguments about Gambaryan’s health, particularly his need for specialised treatment for a herniated disc condition, the court refused the bail, instead ruling that Gambaryan receive medical treatment in a hospital.
Gambaryan’s detention and the repeated denial of bail emphasize the challenges of regulations and the legal uncertainties surrounding cryptocurrency exchanges.
The Nigerian authorities and courts have taken a strong stance, reflecting a broader governmental approach to more rigorously regulating cryptocurrency-related activities.
The situation also highlights the ongoing tensions between cryptocurrency companies and regulatory bodies worldwide, especially in areas where cryptocurrency regulations are still developing or strictly enforced.