Binance Exec’s Nigeria Detention Extends as Bail Hearing Stalls

The bail hearing of Binance financial crime compliance chief Tigran Gambaryan gets adjourned.

Tigran Gambaryan sitting in a smokey prison cell.
Created by Gabor Kovacs from DailyCoin
Erratum: The following article was published with a factual error. It was reported that Tigran Gambaryan's bail hearing was moved to May 22. On 2024/25/4, it was amended to show that, in actuality, the hearing was moved to April 23.
  • A Nigerian Federal High Court judge has adjourned the bail hearing of Binance financial crime compliance chief Tigran Gambaryan.
  • Delays are becoming a recurring theme in the Gambaryan case.
  • The Binance executive has been in Nigerian custody for nearly two months.

Over the past few months, tensions have escalated between Binance and the Nigerian government. 

Amid the tussle that has culminated in lawsuits bordering on tax evasion and money laundering, Binance financial crime compliance chief Tigran Gambaryan has found himself caught in the middle. The Binance executive has been detained for nearly two months and named in the lawsuits against the exchange.


On Thursday, April 18, the court was slated to hold a hearing over Gambaryan’s bail application. However, things did not go as planned, and this is quickly becoming a hallmark of the Nigerian legal effort against the Binance executive.

Binance’s Gambaryan to Wait Almost Another Week

On Thursday, Nigerian Federal High Court judge Justice Emeka Nwite adjourned Gambaryan’s bail hearing till April 23, compelling the Binance executive to remain in Nigeria’s infamous Kuje prison for nearly another week.

Per a local news report, the ruling came as the Economic and Financial Crimes Commission (EFCC), which had brought money laundering charges against Binance and Gambaryan to the tune of $35.4 million, argued that they needed time to respond to Gambaryan’s reply to their preliminary objection to his bail application.

According to the agency, the Binance exec’s response had brought new facts to the table. 


The defense questioned the EFCC’s right to reply but failed to sway the judge.

A Recurring Theme?

The recent postponement of Gambaryan’s bail hearing represents the second time the trial of the Binance executive has faced delays. 

As of April 4, the Binance executive was supposed to stand trial for combined charges of money laundering from the EFCC and tax evasion from the Federal Inland Revenue Service (FIRS), the country’s tax body. However, during what was supposed to be Gambaryan’s arraignment, the FIRS disclosed that they had somehow failed to serve the Binance executive, who had been in Nigerian custody for over a month.

This inexplicable gaff has delayed Gambaryan’s arraignment for tax evasion charges till Friday, April 19.


Gambaryan and Binance’s regional head for Africa, Nadeem Anjarwalla, arrived in Nigeria in February 2024. The Binance executives came at the invitation of the government to negotiate a resolution to rising tensions. Authorities at the time accused the exchange of facilitating the devaluation of the naira, which traded at all-time lows of 1,900 per dollar via its now-shuttered p2p service.

Mere days after their arrival, both men were detained by the Office of the National Security Adviser (ONSA) and handed over to the EFCC for refusing to discuss the sharing of Binance customer details outside their embassies. 

Following the detention of the Binance executives, Nigerian authorities went on to disclose investigations into alleged illicit fund flows on the exchange, all of which have now culminated in the recent tax evasion and money laundering charges.

While Anjarwalla escaped detention and fled the country in March 2024, Gambaryan has remained in custody for nearly two months and has been forced to take a plea on behalf of himself and Binance, after which he has been remanded in a Nigerian prison known for being the subject of a July 2022 Islamic State attack.

On the Flipside 

  • Binance maintains that it is still in talks with the Nigerian government to secure the release of Gambaryan.
  • In an April 2024 press release, Binance asserted that Gambaryan held no decision-making power in the firm and, as such, should not be held accountable for the firm’s alleged misdeeds.

Why This Matters

Gambaryan has been stuck in Nigerian detention for nearly two months. Today’s ruling suggests that the Binance executive will likely be stuck in prison for at least another week.

Read this for more on Gambaryan’s predicament:
Binance Exec’s Nigerian Ordeal Worsens, Sent to Infamous Prison

Learn about the significance of Binance.US’ most recent board appointment:
Binance.US Signals Compliance Push with New Board Appointee

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.