Tigran Gambaryan, a top US employee at Binance Holdings, has been freed and is returning to the United States after being detained in Nigeria for eight months.
Gambaryan, who serves as Binance’s head of financial crime compliance, had been held at the Kuje correctional center in Abuja since February. The charges against him, which included money laundering and currency manipulation, were dropped by Nigerian authorities on Wednesday.
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Gambaryan Released After US Intervention
Gambaryan’s release comes after negotiations between US and Nigerian officials, US National Security Advisor Jake Sullivan told Bloomberg. “As soon as we secured Mr. Gambaryan’s release, I called his wife Yuki to share this good news,” Sullivan said.
Gambaryan’s health had reportedly worsened during his time in jail, leading to his release on humanitarian grounds. He had been imprisoned following a business trip to Nigeria in February, where he was detained alongside a colleague.
The colleague managed to escape shortly after the arrest.
While the charges against Gambaryan have been dropped, Binance is still facing legal action from Nigerian authorities. According to a senior US official, the trial against the cryptocurrency exchange will continue.
The confrontation between Binance and Nigeria began earlier this year when Gambaryan’s arrest brought the situation to international attention. Binance has denied any wrongdoing, claiming that Gambaryan was not a decision-maker for the company during his visit to Nigeria.
In a statement, Binance CEO Richard Teng revealed that the company’s team had been asked for a “secret” payment while they were in Abuja in January to resolve the situation, an accusation Nigeria has denied.
The Nigerian government has called Binance’s claims a diversion from the company’s ongoing legal issues.
“The past eight months have been a living nightmare,” Gambaryan’s wife, Yuki, said in a separate statement. “I feared this day would never come, but Tigran’s supporters gave me hope and strength.”
US Secretary of State Antony Blinken had been involved in behind-the-scenes efforts to secure Gambaryan’s release.
Grateful to the Nigerian authorities for the release of U.S. citizen Tigran Gambaryan on medical grounds. Looking forward to continued cooperation with our Nigerian counterparts on advancing our important bilateral relationship. https://t.co/lxIDpTlVZ0
— Bureau of African Affairs (@AsstSecStateAF) October 24, 2024
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US Lawmakers Made a Visit to Nigeria to See Gambaryan
In June, US lawmakers French Hill and Chrissy Houlahan visited Gambaryan in Kuje Prison, drawing attention to the poor conditions and health risks he faced while in custody.
“We found him suffering from the conditions [at the Kuje prison]… Even worse, he’s being denied access to adequate medical attention,” Hill said at the time.
The arrest and detention of Binance executives follow Nigeria’s broader crackdown on cryptocurrency activities. The country banned cryptocurrency channels as part of an effort to combat currency speculation.
The move has been compounded by the devaluation of the Naira, which has lost 70% of its value against the US dollar following foreign exchange reforms over the past year.
Meanwhile, Binance’s detention of top executives has raised concerns about Nigeria’s international business reputation.
The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) has called for a balanced approach to resolving the legal dispute between Binance and the Nigerian government, highlighting the potential impact on Nigeria’s blockchain ecosystem.
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