Pressure Mounts for Binance Exec’s Release After 6 Months in Nigerian Custody

Key takeaways:

• Requests for the release of Tigran Gambaryan from Nigerian authorities are growing among industry insiders and onlookers.
• The CEO asserted that “baseless allegations” about the crypto exchange by the police supported Gambaryan’s detention.

Requests for the release of Tigran Gambaryan, a Binance executive who has been jailed since February, from Nigerian authorities are growing among industry insiders and onlookers.

Binance CEO Richard Teng expressed worries about the “potentially irreversible physical and mental impact” of Gambaryan’s arrest in a blog post on August 27. Teng called on the Nigerian government to free Gambaryan on humanitarian grounds. 

The CEO asserted that “baseless allegations” about the crypto exchange by the police supported Gambaryan’s detention. Teng stated:

“There is no need to imprison an innocent employee to answer for any allegations against Binance,”

Since his arrest in February, the Binance executive has been dealing with medical issues, according to Teng and a family representative. Both said that he had been in excruciating pain and that the nation was refusing to provide him with essential medical attention. Yuki, Gambaryan’s wife, stated in a video that was uploaded to YouTube on August 26:

“His health is deteriorating to the point where he can no longer walk,”

In February, Gambaryan—who used to be a special agent for the US Internal Revenue Service—and his colleague Nadeem Anjarwalla, who oversees financial crime compliance at Binance, visited Nigeria on behalf of the exchange. 

Following a meeting to address regulatory issues with Binance, the two executives were taken into custody by the police, who first accused them of money laundering and tax evasion.

Anjarwalla fled to Kenya in March after eluding capture, but local officials caught him later. According to reports, he could be extradited to Nigeria.

Many US politicians have urged President Biden to obtain Gambaryan’s release since his imprisonment, claiming the Nigerian government brought false accusations against the Binance executive to force the exchange.

More than 5,000 people signed a petition that Yuki Gambaryan started, urging the US State Department, President Biden, and Nigerian authorities to “bring Tigran home.”

The Economic and Financial Crimes Commission (EFCC) and Nigeria’s Federal Inland Revenue Service first accused Gambaryan and Anjarwalla of money laundering and violating tax laws. Although the tax office withdrew its lawsuit in June, Gambaryan is scheduled to appear in court again on September 2.

After fleeing to Kenya, it was unclear if Anjarwalla would be making an in-person appearance in court. Gambaryan is being jailed at the Kuje Detention Facility outside of Abuja, the capital, and has entered a not-guilty plea to the EFCC’s charges.

Along with allegedly pursuing legal penalties against Binance, Nigerian officials have refuted rumors that they were requesting a $10 billion fine. The exchange said in March that it would stop accepting any transactions in naira, Nigeria’s currency, forcing locals out of the market.