Binance CEO Richard Teng has revealed that the cryptocurrency exchange is intensively working to secure the release of Tigran Gambaryan, their head of financial crime compliance, who is currently detained in Nigeria. Teng’s comments came during the Token2049 conference in Singapore on September 19, where he highlighted the urgent situation due to Gambaryan’s deteriorating health.
Urgent Health Concerns and Legal Efforts
Gambaryan, who has been held in Nigeria since February, has faced serious health issues during his detention, including contracting malaria and pneumonia twice, leading to a collapse during a court appearance in May. “He can’t walk properly, and he’s not getting the proper medical treatment,” Teng expressed, conveying the gravity of Gambaryan’s condition.
The situation has prompted Binance to set up a dedicated task force working tirelessly to explore all possible avenues—from legal to political—to facilitate Gambaryan’s release. Teng shared that they have repeatedly appealed to the Nigerian government on humanitarian grounds and urged the U.S. to officially designate Gambaryan as unlawfully detained to expedite the process.
Gambaryan traveled to Nigeria on February 26 following an invitation by the Nigerian government to address compliance issues related to Binance’s operations in the country. However, the meetings reportedly grew increasingly hostile, leading to his detention. Gambaryan is now held in Kuje Prison, a facility notorious for its harsh conditions.
Political and Familial Advocacy
The plight of Gambaryan has not only mobilized Binance’s executive team but also caught the attention of U.S. politicians and his family. In June, 12 U.S. lawmakers urged President Joe Biden, Secretary of State Antony Blinken, and the Presidential Envoy for Hostage Affairs Roger Carstens to prioritize his case. Additionally, Gambaryan’s mother publicly called for increased efforts from U.S. authorities on September 18.
These U.S. representatives believe that the charges against Gambaryan, which include money laundering and tax evasion, are baseless and suspect that they may be part of an extortion strategy by Nigerian officials.
Binance’s Role and Crypto Market in Nigeria
Despite the ongoing legal and diplomatic challenges, Teng remains hopeful about Binance’s contribution to Nigeria’s economic transformation. Binance is a major player in the Nigerian cryptocurrency market, handling about 32% of the country’s crypto transactions, as reported in November 2023 by CoinGecko, citing data from Statistica.
Nigeria ranks as the second-highest country globally in terms of cryptocurrency adoption, according to a Chainalysis report dated September 11, emphasizing the significance of the market for Binance.
The situation involving Tigran Gambaryan highlights the complex intersection of international business, local regulations, and geopolitical tensions. As Binance continues to navigate these challenges, the global crypto community watches closely, understanding that the outcomes could have broader implications for international operations and the safety of global employees in high-stakes markets.
Featured image credit: Akarawut Lohacharoenvanich via Vecteezy
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