Binance Appeals for Release of Gambaryan, Offers to Settle Dispute with Nigerian Govt

Binance has made an urgent plea to the Nigerian government for the release of Tigran Gambaryan, the company's head of financial crime compliance, who has been detained in Nigeria since February 2024.

The cryptocurrency exchange platform is seeking to resolve the ongoing legal and diplomatic crisis that has ensnared its operations in the country.

Gambaryan, a 39-year-old American and former IRS agent, was initially invited to Nigeria's capital, Abuja, to discuss allegations against Binance. However, he found himself under house arrest alongside his colleague Nadeem Anjarwalla, who later escaped.

Gambaryan was subsequently transferred to Kuje prison, where he has faced severe health issues, including malaria, pneumonia, tonsillitis, and complications from a herniated disc.

In a recent court appearance on September 2, 2024, Gambaryan was seen limping and pleading for assistance, highlighting the dire conditions of his detention.

"I’m not okay, this is f*cked up," Gambaryan exclaimed in a video uploaded to X (formerly Twitter), as he struggled to walk with a single crutch. His lawyers have filed a new bail application on medical grounds, emphasizing the urgent need for surgery and proper medical care.

The Nigerian authorities have accused Binance of failing to register with the Federal Inland Revenue Service (FIRS) and evading taxes, charges that were dropped in June but replaced with money laundering allegations. Despite these accusations, Binance CEO Richard Teng has called for Gambaryan's release, describing the detention as "unjust."

The situation has drawn international attention, with Gambaryan's wife, Yuki, urging the U.S. government to intervene. "This entire situation is inhumane and degrading, and I am fed up. There must be consequences for this disregard of law and human rights," she stated.

The broader context reveals a complex interplay between Nigeria's economic challenges and its regulatory stance on cryptocurrencies. The naira has been in freefall due to years of financial mismanagement, prompting citizens to turn to cryptocurrencies as an alternative.

In response, the Nigerian government has oscillated between banning and regulating digital currencies, often blaming external entities like Binance for its economic woes.

As Nicholas Anthony noted in an April 11, 2024, article for Cointelegraph, "Nigeria’s currency is collapsing because of financial mismanagement. Now, two Binance employees have been entangled in the government’s search for scapegoats."