The head of financial compliance at cryptocurrency exchange Binance, Tigran Gambaryan was denied bail for a second time on Friday as his trial on money laundering charges commenced in Nigeria.
A Federal High Court judge in Abuja ruled that Gambaryan, an American citizen detained since February, could adequately receive medical treatment within the Nigerian Correctional Service.
His request for bail on health grounds, citing the need for surgery outside prison, was dismissed.
Judge Emeka Nwite noted that Gambaryan had not withdrawn a previous appeal against a May bail ruling, deeming his latest request as an abuse of the judicial process.
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The trial was adjourned to October 18 following cross-examination of two state witnesses by Gambaryan’s lawyer.
Binance and Gambaryan both deny the money laundering allegations.
His wife, Yuki Gambaryan, expressed disappointment and concern over her husband’s continued detention, arguing that he was not a decision-maker at Binance and should be released.
Separately, Binance faces tax evasion charges, which it also denies.
