A federal high court in Abuja has denied bail to Tigran Gambaryan, an executive of Binance Holdings Limited, in a significant ruling that highlights ongoing legal challenges faced by cryptocurrency firms in Nigeria.

The decision, delivered on Friday by presiding judge Emeka Nwite, comes amidst serious allegations of money laundering against both Gambaryan and Binance by the Economic and Financial Crimes Commission (EFCC).

Judge Nwite ruled that Gambaryan’s bail application constituted an abuse of the court process, especially given that the defendant had already appealed a previous ruling on the same matter.

He stated, “This application is bound to fail,” emphasizing that simply being in poor health does not automatically warrant bail. The judge further noted that Gambaryan’s legal team failed to provide sufficient evidence demonstrating that the Correctional Service facility was incapable of addressing his medical needs or arranging specialist consultations for his deteriorating health.

The ruling has raised concerns, particularly as Gambaryan collapsed in court earlier due to health issues. Following that incident, his legal team and family members have expressed fears for his safety in Kuje prison, where they allege he could face life-threatening conditions if not given appropriate medical care. His wife, Yuki, has been vocal about the urgent medical needs of her husband, stating that he requires “highly specialised and risky surgery” to treat a herniated disc affecting his back.

In a significant step, Judge Nwite ordered the prison authorities to ensure that Gambaryan is taken to a specialist hospital within Abuja for necessary medical attention, albeit under strict security supervision. This order highlights the court’s recognition of Gambaryan’s medical needs while still adhering to legal protocols.

The case against Gambaryan and Binance has attracted considerable media attention, reflecting the broader scrutiny of cryptocurrency operations in Nigeria. As regulatory frameworks evolve, the fate of cryptocurrency executives like Gambaryan remains uncertain, particularly in light of ongoing legal battles.