US Lawmakers Demand Release of Binance Exec Held in Nigeria

Tigran Gambaryan

US lawmakers want the release of the Binance CEO who is being held in Nigeria.

On Wednesday, June 5, a group of US lawmakers addressed a letter to President Joe Biden, Secretary of State Antony Blinken, and Special Envoy for Hostage Affairs Roger Carstens, urging them to take swift and decisive action to secure the release of Tigran Gambaryan, a Binance executive currently detained in Nigeria.

The letter, endorsed by 15 members of Congress, including House Foreign Affairs Committee Chairman Michael McCaul, conveyed deep alarm regarding Gambaryan's health and well-being, emphasizing the urgency of his situation and the need for prompt action to ensure his safety and release.

It cited accounts of harsh and abusive treatment during his three-month incarceration and brought attention to claims that Gambaryan, a US citizen, has not received proper medical care in spite of a court order requiring treatment.

“Gambaryan's health and well-being are in danger, and we fear for his life, Immediate action is essential to ensure his safety and preserve his life. We must act swiftly before it is too late.” they wrote.

The Federal Government rejected Gambaryan's bail plea in May due to flight risk concerns. However, Gambaryan's conspicuous absence from a later court appearance raised questions about his location and wellbeing.

After reportedly collapsing from a suspected malaria episode, he appeared in court the following day, looking frail and weaker than he had previously.

Gambaryan's colleague, Nadeem Anjarwalla, who was with him in Nigeria for meetings, made a daring escape from custody in March, slipping away from authorities.

Their current imprisonment is linked to a $35 million indictment in Nigeria, which accuses them and Binance of tax violations and money laundering.

The letter alleges that the prison has ignored a court order to transfer Gambaryan to a hospital, and highlights the alarming deterioration of his health, which was evident during a recent court appearance.

“Gambaryan is formerly a Special Agent for the U.S. IRS and has devoted his professional life to fighting financial crimes.” Richard Teng, CEO of Binance, stated that he should be released in May.

Teng explained that he joined Binance in 2021 with the goal of enhancing and supporting the platform's compliance frameworks and protocols.

In this capacity, he played a key role in global law enforcement efforts, resulting in the successful freezing and seizure of assets totaling over $2.2 billion.

Significantly, through collaborative efforts with US agencies, including the FBI, DOJ, and DEA, a substantial sum of over $285 million was successfully recovered.

The rift between Binance and Nigeria came to a head in 2022 when the Nigerian Securities and Exchange Commission (SEC) introduced new regulations for digital assets, mandating licenses for cryptocurrency exchanges. This move sparked tensions between Binance and Nigerian authorities.

Binance expressed its commitment to complying with the regulations but faced challenges in establishing a productive dialogue with Nigerian officials. Despite its efforts to navigate the regulatory landscape, Binance struggled to make headway in its communications with the authorities.

In 2023, as the Nigerian Naira faced significant depreciation, many citizens flocked to Binance's peer-to-peer platform as a haven for their assets, raising concerns about the potential impact on exchange rates and the broader financial stability.

Despite Binance's efforts to curb these activities, it continued to face detentions, contradicting earlier promises of cooperative talks. The Securities and Exchange Commission (SEC) alleged that Binance was operating illegally, leading to the suspension of its activities targeting Nigerian investors.