A Federal High Court in Abuja has denied bail to Tigran Gambaryan, a top executive of Binance Holdings Limited, amid his ongoing legal troubles.
Mr Gambaryan, who was arrested in connection with alleged financial crimes, sought bail on health grounds, but his application was rejected.
In a ruling on Friday, Justice Emeka Nwite dismissed the application, stating that it constituted an abuse of the court process.
The judge noted that Mr Gambaryan had already appealed a previous court decision on the same bail issue, and submitting a new application without waiting for the appeal’s outcome was improper.
The court also rejected Mr Gambaryan’s argument that his health condition warranted release from custody.
Justice Nwite emphasised that being ill does not automatically entitle a defendant to bail, especially when there is no evidence showing that the Correctional Service facility is unable to provide necessary medical care or transfer him to a specialist if required.
Mr Gambaryan, a well-known figure in the cryptocurrency ecosystem, was arrested earlier this year on charges related to money laundering and facilitating illicit transactions through Binance, the world’s largest cryptocurrency exchange.
His arrest has drawn significant attention, as it is part of a broader crackdown on cryptocurrency platforms suspected of enabling criminal activities.
The court’s decision leaves Mr Gambaryan in detention as his legal team continues to challenge the charges and push for his release.
Meanwhile, his appeal on the earlier bail ruling remains pending.
