Tigran Gambaryan Has Been Released From Prison in Nigeria

Tigran Gambaryan, an American executive at Binance, has been released from a Nigerian prison after spending eight months detained amid complex legal and diplomatic challenges.

At a Glance

Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, was detained in Nigeria for eight months and has now been released.
He was accused of laundering $35 million and manipulating the naira currency but was released on health and diplomatic grounds.
The U.S. government and Nigeria’s Economic and Financial Crimes Commission dropped the case for diplomatic reasons.
Legal pressures continue as Binance faces charges of tax evasion in Nigeria.

Gambaryan’s Arrest and Allegations

Arrested in February during a business trip, Tigran Gambaryan faced charges of money laundering and manipulating Nigeria’s naira currency, allegations he and Binance deny. Gambaryan’s arrest followed suspicions by Nigerian authorities that Binance was involved in laundering up to $35 million in funds and supporting terrorism financing, leading to a crackdown on the company’s operations within Nigeria.

Embattled by these accusations, Gambaryan endured challenging prison conditions, battling serious health issues including malaria and pneumonia. Yet, the charges have been disputed by Gambaryan, who maintains his innocence, and company representatives. Gambaryan described his intent for visiting Nigeria as a swift business trip meant to “get in and get out.”

Charges against Tigran Gambaryan were dropped so he could receive medical treatment for his deteriorating health. https://t.co/Jh2acsvgti

— FORTUNE (@FortuneMagazine) October 23, 2024

Diplomacy and Health Lead to Release

The U.S. exerted diplomatic pressure to secure Gambaryan’s release, resulting in charges being dropped “taking into consideration some critical international and diplomatic reasons,” stated Nigerian authorities. U.S. President Joe Biden personally thanked Nigerian President Bola Tinubu for aiding an amicable solution. A bipartisan effort by U.S. state Attorneys General, alongside Congress members, rallied for Gambaryan’s release citing humanitarian concerns.

“I am grateful to my Nigerian colleagues and partners for the productive discussions that have resulted in this step and look forward to working closely with them on the many areas of cooperation and collaboration critical to the bilateral partnership between our two countries,” White House national security adviser Jake Sullivan said.

Amid pressing concerns over Gambaryan’s deteriorating health and allegations of inhumane detention conditions, the Nigerian Economic and Financial Crimes Commission (EFCC) eventually facilitated his release. The case was dismissed due to mounting international and diplomatic pressure and the involvement of advocacy groups in the U.S.

Ongoing Challenges for Binance

The release doesn’t mark the end of scrutiny for Binance in Nigeria. While charges against Gambaryan have been dropped, the company itself still faces allegations of tax evasion and unlicensed operations. These ongoing legal challenges highlight the turbulent relationship between cryptocurrency operations and regulatory frameworks in Nigeria, a nation seen as Africa’s largest crypto market, as individuals employ cryptocurrencies to shield against economic uncertainties.

The Nigerian government’s allegations have led to a halt in Binance’s local currency trading services until compliance issues are resolved. Binance remains under investigation for its activities within the country, shaping a complex geopolitical dialogue involving technology, finance, and compliance on the international stage.