In another troubling chapter for crypto giant Binance, its compliance officer, Tigran Gambaryan, was charged with money laundering in Nigeria. In a blog post, Binance CEO Richard Teng claims that someone linked to the Nigerian government demanded a $150 million bribe. This request came during a contentious period marked by accusations from Nigerian legislators of tax violations by Binance and threats of arrest against its employees.
The situation escalated when Gambaryan and his colleagues, having met with Nigerian authorities, were hastily compelled to leave the country amid safety concerns. This incident, detailed in a three-page report by Gambaryan to Binance‘s lawyers, casts a shadow over the crypto exchange’s operations and its interactions with Nigerian officials.
Further complicating the narrative, Tigran Gambaryan, a former special agent of the Internal Revenue Service—Criminal Investigation (IRS-CI) Cyber Crimes Unit in Washington, returned to Nigeria for discussions with security and financial crimes enforcement officials, only to find himself arrested along with colleague Nadeem Anjarwalla.
This allegation, if true, challenges the integrity of the negotiations and the motives behind the Nigerian government’s actions. The subsequent incarceration of Gambaryan in Kuje prison—a place with its own dark notoriety—adds an element of grave concern regarding his treatment and the fairness of the legal proceedings.
This series of events not only spotlights the alleged corruption attempts but also illuminates Binance’s ongoing legal challenges globally. Last year, the company settled charges in the U.S. by agreeing to a substantial fine for allowing criminal activities on its platform, highlighting systemic issues within its operations.
As the trial approaches, with Gambaryan facing charges of tax evasion and money laundering, the international community watches closely. The allegations of a bribe request, coupled with the contentious interactions with Nigerian officials, underscore a complex battle involving legal, diplomatic, and ethical dimensions.
The case presents a crucial moment for the cryptocurrency industry, reflecting on the broader implications for international business operations in regions with volatile regulatory environments. It also raises critical questions about the responsibilities of global entities like Binance in navigating and possibly challenging corrupt practices, ensuring compliance while safeguarding their employees.
