Tigran Gambaryan, head of Binance’s Financial Crime Compliance team, has been detained by the Nigerian government for over 70 days. His detention came after he flew to Nigeria for talks on regulatory supervision. The situation has raised concerns within the global business community and set a dangerous precedent for companies worldwide.
The Detention and Its Implications
Binance CEO Richard Teng has publicly called for Gambaryan’s unconditional release. In a blog post, Teng expressed his concern about the unjust detention of a mid-level employee invited for collaborative policy meetings. The incident has far-reaching implications for businesses operating in Nigeria and beyond.
🇳🇬 U.S. CITIZEN DETAINED IN NIGERIA, $150M RANSOM DEMANDED
— Mario Nawfal (@MarioNawfal) May 10, 2024
American and former federal agent Tigran Gambaryan, now a Binance executive, has been detained in Nigeria for over 70 days.
Nigerian authorities, after inviting him for a business meeting, are allegedly demanding over… pic.twitter.com/8h76H6a3ng
The Nigerian government’s actions have raised questions about due process, human rights, and the rule of law. Gambaryan’s detention sends a chilling message to other companies considering investment or collaboration in Nigeria. It also highlights the challenges faced by businesses navigating Nigeria’s economic crisis, currency devaluation, and inflation surge.
Binance’s Efforts and Regulatory Uncertainty
Binance, a global crypto exchange, has been trying to engage with Nigeria’s Securities and Exchange Commission (SEC) since 2022 to clarify licensing requirements. However, the lack of responses from the SEC has left the company in regulatory limbo. The situation worsened when Gambaryan and Binance’s regional manager for Africa, Nadeem Anjarwalla, were detained during their visit for a meeting with Nigerian authorities.
Anjarwalla managed to escape custody, but Gambaryan remains in detention. He now faces money laundering charges and is held in the Kuje prison, which also houses suspected Boko Haram members. An Abuja court postponed his bail hearing until May 17. Gambaryan and Anjarwalla have filed a lawsuit against the Nigerian authorities, alleging violations of their human rights.
The Bribery Allegations
The New York Times reported that during a January visit, Gambaryan was asked for a bribe of approximately $150 million in crypto by “someone in the Nigerian government.” While Teng’s blog post referred to the request from “unknown persons,” it underscores the challenges faced by businesses operating in Nigeria.
Tigran Gambaryan’s detention is a critical issue that transcends borders. It highlights the need for transparent regulatory processes, respect for human rights, and fair treatment of business professionals. As the global community watches, Binance’s call for Gambaryan’s release echoes the sentiments of many who believe in justice and due process.
