The Nigerian court has denied bail for Binance executive Tigran Gambaryan. He claimed his health deteriorated amid continuing trials concerning financial misconduct and currency manipulation allegations.

Gambaryan's Arrest

Tigran Gambaryan was arrested in Nigeria in February, drawing significant international attention. Following his arrest, allegations of money laundering and currency manipulation involving the prominent cryptocurrency exchange emerged.

Initial Charges and Prison Conditions

Initially, charges of tax evasion were also added, but later dropped. Gambaryan remains in custody at the notorious Kuje prison, housing members of terrorist organizations like Boko Haram.

Bail Request Denied

Gambaryan requested bail citing his worsening health condition. However, the Nigerian court, according to Bloomberg, denied this request. Nonetheless, the court ordered the prison to send him to a hospital for treatment.

This incident resonated within cryptocurrency markets, highlighting the challenges Binance faces under international law. The company will need to determine its strategies amid ongoing legal and regulatory changes.