US President Joe Biden has expressed his appreciation to Nigerian President Bola Tinubu for securing the release of Binance’s compliance officer Tigran Gambaryan from prison.

Gambaryan, a former agent of the US Internal Revenue Service (IRS), was visiting Nigeria to address regulatory concerns about Binance when local authorities arrested and jailed him on charges of money laundering and operating an unlicensed financial institution.

Amid reports of Gambaryan’s deteriorating health and the Nigerian government’s refusal to give him adequate medical treatment, 18 US state attorneys general wrote a joint letter telling Biden that Nigeria’s blatant misuse of power should be met with the full weight of the US government’s influence given the financial and political support that America extends to the West African nation’s current regime.

Last week, Judge Emeka Nwite ordered that Gambaryan be released from Kuje prison where the executive was incarcerated following his arraignment in April.

R.U. Adaba, a lawyer who represents the prosecuting agency, said that Nigeria is dropping the charges due to diplomatic interventions and in consideration of the extent of Gambaryan’s involvement as an employee of Binance.

The White House says that during a recent call, Biden thanked Tinubu for the development in Gambaryan’s case.

“President Biden offered his condolences on the recent flooding that has impacted northeastern Nigeria and underscored his appreciation for President Tinubu’s leadership in securing the release on humanitarian grounds of American citizen and former U.S. law enforcement official Tigran Gambaryan last week.”

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Nigerian Court in Abuja is currently in the spotlight as it reviews the bail application of Tigran Gambaryan, a Binance Holdings Ltd. executive. Gambaryan, the head of financial crime compliance at Binance, has been detained in Nigeria for over six months.

The court proceedings on Wednesday extended for several hours, after which the judge announced that a decision on the bail would be made later next month.

Nigerian Court Delays Bail For Binance Executive To October 9

The Nigerian Court heard extensive arguments concerning the bail request of Tigran Gambaryan. During the session, the crypto exchange executive’s legal representation emphasized his deteriorating health condition, underscoring the urgent need for surgical intervention. 

The legal team claimed his health could not be adequately addressed within the medical facilities available to him in detention. The defense further argued that these circumstances justify the granting of bail on medical grounds.

In contrast, the state prosecutor countered these claims by insisting that Gambaryan has received appropriate medical care, including services at a well-equipped hospital in Abuja.

Further, the prosecutor’s stance highlights the government’s position that Gambaryan’s health needs are being met. This challenges the necessity of bail on the grounds presented by the defense. The judge finally stated that a decision on the bail would be made on October 9.

Binance Legal Battle and International Concerns

The case has attracted significant international attention due to the circumstances surrounding the Binance executive arrest and detention. In February, the executive was detained along with a colleague during a visit to discuss compliance issues. 

More so, the situation escalated following the colleague’s escape and subsequent charges against Gambaryan. Nigeria Economic and Financial Crimes Commission brought the charges, which include currency manipulation and money laundering.

This incident has strained relations and led to accusations from Binance. The exchange claims that Nigerian authorities demanded a clandestine payment to resolve the company’s legal troubles, a claim Nigeria denies. 

In addition, just last week, Binance CEO Richard Teng denied Nigeria’s claim of $26 billion made in revenue in 2023 as reported by the courts. He also called for the humanitarian release of the detained executive.

Moreover, this dispute has drawn scrutiny from international observers and prompted intervention from US lawmakers, who have urged the US government to assist in resolving his detainment. The outcome remains uncertain as the Nigerian Court deliberates on the bail application.

Binance continues to face legal challenges even as its co-founder, Changpeng Zhao, expects release on September 29. The court sentenced him to four months for violations of anti-money laundering laws. Recently, a judge issued a minor order as ten attorneys representing Changpeng withdrew from the lawsuit.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience. He has worked extensively with various media outlets on cryptocurrency trends and technologies. When he’s not analyzing the latest crypto developments, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.