In recent months, Binance has been engaged in an ongoing legal and humanitarian battle, spearheaded by CEO Richard Teng, to secure the release of Tigran Gambaryan, the company’s head of financial crime compliance. Gambaryan was detained by Nigerian authorities in February 2024 after he was invited to address Binance’s compliance issues in the country. However, after two initial professional meetings, the situation quickly escalated, resulting in Gambaryan’s detention.
Teng has expressed deep concern for Gambaryan’s health, which has worsened since his imprisonment. According to Teng, Gambaryan has contracted malaria and pneumonia on two separate occasions, with his declining condition causing him to collapse in court back in May. “He can’t walk properly, and he’s not getting the proper medical treatment,” Teng explained in an interview at the TOKEN2049 conference in Singapore on September 19.
Appeals for Release
Binance has been appealing to both Nigerian and US authorities to facilitate Gambaryan’s release. Teng emphasized the unjust and unfair nature of Gambaryan’s detainment and revealed that Binance has assembled an internal task force, working around the clock, to explore every legal and political avenue to secure his return. “It is distressing for all of us, especially for the families. For us at Binance, this is a top priority,” Teng said, adding that the company has also attempted to appeal to the Nigerian government on humanitarian grounds.
Growing Support from US Officials
Support for Gambaryan has also been growing in the United States. In June, 12 US politicians called on President Joe Biden, Secretary of State Antony Blinken, and the Presidential Envoy for Hostage Affairs Roger Carstens to prioritize Gambaryan’s case. The politicians believe Gambaryan’s detention is part of a coercive effort by Nigerian officials to extort Binance, as he has been charged with what they consider to be baseless crimes, such as money laundering and tax evasion.
Gambaryan’s mother, Knarik Gambaryan, joined the public appeal on September 18, urging US authorities to intensify their efforts.
Binance’s Role in Nigeria’s Economy
As the situation drags on, Binance remains focused on both Gambaryan’s safety and Nigeria’s economic potential. Teng expressed hope that despite the current difficulties, Binance can continue to contribute positively to Nigeria’s economic transformation, given that the country ranks second globally in cryptocurrency adoption. In fact, Binance processes about 32% of crypto transactions by Nigerians, making it one of the largest exchanges in the region, according to a November 2023 CoinGecko report.
Conclusion
While the legal and political battle continues, the fate of Gambaryan remains uncertain. Binance, along with Gambaryan’s family and a growing number of US officials, are hoping that a resolution can be reached soon, allowing Gambaryan to return home and receive the medical care he so urgently needs.
