In a detailed blog post dated May 7, 2024, Binance CEO Richard Teng passionately defended Tigran Gambaryan, a VP and compliance officer for the crypto giant currently detained in Nigeria. Teng’s post, entitled “Tigran Gambaryan is Innocent and Must Be Released,” argues for the immediate release of Gambaryan, who has been held for over 70 days under challenging conditions.
Teng describes Gambaryan as a dedicated former U.S. law enforcement agent who transitioned to Binance to leverage his expertise in combating financial crimes on a global scale. He emphasizes Gambaryan’s significant contributions to Binance’s Financial Crime Compliance (FCC) team, noting his role in assisting global law enforcement agencies in freezing and seizing more than $2.2 billion worth of illicit assets.
The CEO outlines a troubling series of events leading up to Gambaryan’s detention. According to Teng, the initial interactions between Binance and Nigerian authorities were aimed at collaboration and understanding regarding Nigeria’s new cryptocurrency regulations. However, these interactions took a drastic turn during a January 2024 visit. Binance representatives, including Gambaryan, were reportedly met with unexpected demands from Nigerian officials shortly after a contentious meeting with Nigeria’s House Committee on Financial Crimes.
Teng’s account details an alleged attempt by local representatives to solicit a “significant payment in cryptocurrency” to settle unspecified allegations against Binance. Binance‘s legal team promptly declined this alleged bribery attempt. The situation escalated when Gambaryan and another Binance employee, Nadeem Anjarwalla, were detained following their refusal to comply with demands for detailed user information and delisting the Nigerian Naira from the Binance platform.
The CEO criticizes the Nigerian government’s handling of the situation, suggesting that Gambaryan’s detention is being used as leverage against Binance amid broader regulatory and economic tensions involving cryptocurrency operations in the country.
Teng calls for a resolution that respects legal processes and basic human rights, asserting that Gambaryan’s ongoing detention is unjust and harmful not only to him and his family but also to the broader international business community’s trust in engaging with Nigerian authorities.
You can read the full blog post by Richard Teng here.
