Binance compliance chief denied bail in money laundering case

Binance’s head of financial compliance was denied bail for a second time on Friday as his trial on money laundering charges started in Nigeria, with a judge ruling that the prison in which he is being held is capable of meeting his medical needs. Tigran Gambaryan, an American citizen, has been in detention in Nigeria since the end of February. He and Binance deny the charges against him. He had asked the Federal High Court in Abuja to free him on medical grounds, arguing that he needed to undergo surgery outside prison and that his health was deteriorating.

“There is no evidence before this court that the Nigerian Correctional Service cannot handle the health challenges of the accused,” Judge Emeka Nwite said. Nwite also said Gambaryan had not withdrawn an appeal against a previous bail ruling in May and so his latest request “amount to abuse of judicial process to admit the accused to bail while an appeal is pending at the court of appeal.” The judge adjourned the trial to Oct. 18 after Gambaryan’s lawyer cross-examined two state witnesses.