“We are deeply disappointed by the court’s decision to deny Tigran bail, particularly given his deteriorating health. He has been unlawfully detained for over 220 days," a Binance spokesperson said in statement adding that the company is committed to working with the Nigerian government.

Gambaryan, the crypto exchange's head of financial crime compliance, has been detained in Nigeria since February. He has been in the notorious Kuje prison alongside the likes of terrorist group Boko Haram since fellow Binance employee Nadeem Anjarwalla escaped custody in March.

Alongside Binance, Gambaryan was charged with tax evasion and money laundering, though the tax charges were later dropped.

The court deferred making a decision on bail in September. Gambaryan's attorneys filed a new bail application, citing his deteriorating medical condition. One lawyer, Mark Mordi, told the court last month that the executive has needed surgery since July 18 and requires urgent assistance that cannot currently be provided in prison, Bloomberg reported.

During his time in prison Gambaryan has developed malaria, pneumonia and tonsillitis and suffers from complications tied to a herniated disc in his back, which left him in need of a wheelchair – though in a video from his last court appearance, Gambaryan did not have a wheelchair, and instead had to struggle on a single crutch.

"It is completely unjust to deny someone in Tigran’s condition the opportunity to seek appropriate medical help and I just pray that when he is finally released that the damage he is suffering is not permanent," Tigran's wife Yuki Gamabryan said. "I am exhausted and deeply disappointed, but I will continue fighting for my husband’s rightful freedom."

Update (14:05 UTC): Adds Binance comment to second paragraph.

Regulations Tigran Gambaryan Binance Nigeria

Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner. Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.