Binance begs for Gambaryan’s release
Since Nigeria began targeting crypto company Binance in February over accusations that it enabled currency traders to manipulate foreign exchange rates, little has changed. As of September 3, the naira continued its week-long decline, settling at ₦1,590 per dollar.
While the Central Bank’s efforts to stabilize the currency remain futile, the case against Tigran Gambaryan, Binance’s compliance executive arrested in February 2024, drags on. A viral video surfaced on Monday showing Gambaryan being denied the use of a wheelchair by prison officials. His family has repeatedly appealed for his release on health grounds.
On Tuesday, Binance also urged the Nigerian government to release Gambaryan. CEO Richard Teng expressed on X that Gambaryan’s treatment is “inhumane” and called for him to be allowed to return home to his family. Additionally, US lawmakers have petitioned President Joe Biden to intervene and secure his release.
However, Nigeria remains firm in its position, alleging that Gambaryan and Binance are involved in money laundering. Despite this, Nigeria has yet to provide evidence to support these claims, especially given its lack of oversight or regulation of crypto transactions.
In 2021, while Nigerian banks were freezing crypto-related accounts, Binance’s peer-to-peer (P2P) platform allowed crypto trading to continue discreetly, further angering Nigerian authorities.
This isn’t Binance’s first brush with money laundering accusations. In 2023, the US Department of Justice sued the company for $4.3 billion on similar charges. Nigeria may see an opportunity here, and if the situation drags on, it seems likely that Binance may eventually settle the case.
