The James W. Foley Legacy Foundation has reported that Nigerian authorities have denied bail to Binance employee Tigran Gambaryan, who is being held as a means to exert control over the cryptocurrency exchange. The foundation shared this information in an October 11 post on X.

"Tigran Gambaryan was denied bail today, despite meeting conditions for bail, and his deteriorating health," said W. Foley Legacy Foundation. "Tigran has been unjustly detained by the government of Nigeria since February. The prosecution has stated in court that Tigran is only being detained as a way to get to his employer. No responsible government uses human beings, like the government of Nigeria is using Tigran."

According to Forbes, Gambaryan, who served as an investigator for the U.S. federal government for ten years, was invited by Nigerian officials to Abuja in February to participate in compliance discussions. He attended these meetings as the head of financial crime compliance for Binance. However, Nigerian authorities accused Binance of contributing to the devaluation of the naira and detained Gambaryan without charging him initially. He was later charged with financial crimes and transferred to Kuje Prison, where his health has reportedly deteriorated due to an untreated herniated disc and illnesses such as malaria, pneumonia, and tonsillitis.

The Block reported that on October 11, Gambaryan was denied bail for a second time. His family said that this denial occurred despite him meeting conditions for release on medical grounds. "Several doctors, including the prison’s own doctor, have clearly reported that Tigran requires medical help that the prison cannot provide," his family said.

U.S. Representative Rich McCormick introduced a resolution to the House Foreign Affairs Committee in July urging Nigeria to release Gambaryan. According to McCormick's resolution, "the Government of Nigeria has admitted openly in court that Tigran is being tried in lieu of pursuing legal action against his employer." It also notes that Gambaryan's initial bail denial followed "lengthy delays and stalling tactics by the prosecution."

In June, 16 members of Congress wrote a letter requesting President Joe Biden, Secretary of State Antony Blinken, and Special Presidential Envoy for Hostage Affairs Roger Carstens classify Gambaryan as a "U.S. Citizen wrongfully detained by a foreign government" and escalate his case accordingly. They argued that Gambaryan's detention "has been marked by excessive and harsh treatment," adding that "the charges against Mr. Gambaryan are baseless and constitute a coercion tactic by the Nigerian government to extort his employer, Binance."

The James W. Foley Legacy Foundation advocates for Americans unjustly held captive abroad. It was established by the parents of James Foley after he was kidnapped in Syria in 2012 and subsequently killed by ISIS in 2014.