CEO Binance Discusses Efforts to Free Detained Executive in Nigeria

Binance’s CEO, Richard Teng, recently attended the TOKEN2049 conference, where he provided insights into the ongoing efforts to secure the release of Tigran Gambaryan, the head of Binance’s Financial Crimes Department, who has been detained in Nigeria since late February 2024. This matter has drawn significant attention from both the cryptocurrency community and international authorities.

Gambaryan’s Worsening Health

During his commentary to the press, Teng highlighted the deteriorating health condition of Gambaryan, emphasizing that his situation worsens daily. Gambaryan and his colleague, Nadim Anjarwalla, were initially detained in Nigeria. While Anjarwalla managed to escape, Gambaryan was placed under custody.

Round-the-Clock Efforts for Release

According to Teng, Binance’s dedicated task force is working tirelessly around the clock to secure Gambaryan’s release. The company’s leadership, along with the US State Department, has repeatedly urged Nigerian authorities to free Gambaryan so that he can return home and receive necessary medical treatment. However, these calls have so far been met with refusal.

Legal and Political Approaches

Teng mentioned that Binance is exploring various avenues, including legal and political strategies, to resolve the situation. He stressed that Gambaryan’s detention is both “unjust and unfair,” noting that the initial accusation of tax evasion was later dropped. Gambaryan’s predicament appears to be a consequence of broader scrutiny faced by Binance in Nigeria.

Family’s Plea for Intervention

In a related development, Gambaryan’s 75-year-old mother, Knarik Gambaryan, has appealed to US authorities for intervention, expressing her concerns about her son’s health. A close friend, Aron Akbiikyan, also pointed out that Nigerian authorities had assured Gambaryan’s safety upon his visit, only to detain him without formal charges shortly after his arrival.
The ongoing efforts by Binance and international authorities underscore the complexities and challenges faced by global cryptocurrency exchanges in navigating regulatory landscapes across different jurisdictions. The case of Tigran Gambaryan is a stark reminder of the potential risks and uncertainties in the cryptocurrency world, highlighting the need for robust legal frameworks and international cooperation.