Trial of Binance Executive in Nigeria Begins September 2 Amid Health Crisis

The highly anticipated legal trial of Binance executive in Nigeria and former United States federal agent, Tigran Gambaryan, is slated to begin on September 2. This trial has become a big talking point for both the crypto community and human rights advocates worldwide, as concerns over Gambaryan’s deteriorating health mount amidst his prolonged detention. The Binance executive in Nigeria has been allegedly held without access to his legal team, a situation that has sparked outrage and raised questions about the fairness of the legal process in the count.

Legal Proceedings Begin for the Binance Executive in Nigeria 

The Nigerian government has expedited the trial of the Binance executive in Nigeria, despite widespread criticism and concerns about the lack of due process. Gambaryan was arrested in February 2024 on charges of money laundering, allegedly involving $34 million connected to Binance’s operations in Nigeria. His detention has since been marred by reports of denied access to legal counsel, which many legal experts and rights groups have deemed unconstitutional under Nigerian law.

Richard Teng, Binance’s CEO, expressed deep concern over the situation, stating, “The authorities are refusing to provide him access to his legal counsel, despite his trial commencing on September 2, which, we have been informed, is unconstitutional in Nigeria.”

Beyond the legal challenges, the health of the Binance executive in Nigeria has become a matter of grave concern. Gambaryan’s family has reported a severe decline in his health due to prolonged medical neglect while in custody. His condition has deteriorated to the point where he can no longer walk due to an untreated herniated disc or spinal injury. The prison authorities have reportedly denied him access to a wheelchair, exacerbating his suffering.

In a heart-wrenching statement, Gambaryan’s family pleaded for urgent medical attention: “He is no longer able to walk from the pain of his untreated herniated disc or spinal injury. The prison is also refusing to provide him with a wheelchair.”

Binance CEO Calls for Humanitarian Release 

The situation has prompted calls for Gambaryan’s release on humanitarian grounds. Binance CEO Richard Teng has been vocal in his appeals to the Nigerian government, urging them to allow Gambaryan to return to the United States for medical treatment. Teng’s plea highlights the critical state of Gambaryan’s health and the urgency of addressing his medical needs before it’s too late.

Teng reiterated his call in a recent statement: “I appeal once again for the Nigerian government to allow him to go home to his family on humanitarian grounds so that he can seek the appropriate medical treatment in the US…”

Adding to the complexity of the case, the Nigerian government has accused Binance executive in Nigeria and the exchange itself of contributing to the decline of the country’s fiat currency, the Naira. This claim has further fueled the controversy surrounding the trial, as the government seeks to hold Binance accountable for the economic challenges faced by the nation.

In June 2023, the Nigerian government pointed fingers at Binance, alleging that its peer-to-peer (P2P) trading services played a significant role in the Naira’s rapid depreciation. Binance, however, refuted these claims, asserting that the end of the Naira’s currency peg by the government was the primary catalyst for the decline.

Richard Teng defended the exchange, stating, “We had been offering P2P services as a value-added service for our users wishing to get exposure to crypto during that time. The end of the Naira’s currency peg by the government in June 2023 caused the biggest fall in Naira’s history according to experts.”

Binance Executive in Nigeria: Naira Fallout

The Naira’s value plummeted by over 50% in 2024, hitting a low of $1 to 1,660 by July 31. Despite Binance ceasing its P2P services in Nigeria in February 2024, the currency’s downward trajectory has continued, leaving many to question the true causes of the economic downturn.

Binance has maintained that its operations were in compliance with local regulations and that it was not responsible for the economic challenges facing Nigeria. However, the government’s allegations have intensified scrutiny on the exchange and its executives, including Gambaryan.

The trial of the Binance executive in Nigeria has garnered significant international attention, with many in the crypto industry viewing the case as a critical test of regulatory approaches to digital assets in developing economies. The outcome of this trial could have far-reaching implications, not only for Binance but for the broader cryptocurrency market in Africa and beyond.

Industry experts and human rights advocates are closely monitoring the situation, with some expressing concerns that the case could set a dangerous precedent for the treatment of crypto executives and the enforcement of financial regulations in politically charged environments.

In a worrying sign for the hearing’s outcome, the executive is yet to have access to his legal team, according to an Aug. 27 announcement by Binance CEO Richard Teng, who wrote:

“Furthermore, the authorities are refusing to provide him access to his legal counsel, despite his trial commencing on September 2, which, we have been informed, is unconstitutional in Nigeria.”

The coming weeks will be pivotal for Binance and its executive, with the outcome of the trial likely to have a lasting impact on the global crypto landscape. Get more from The Bit Gazette