The U.S. government is pushing Nigerian officials to release Tigran Gambaryan, the Binance executive who has been detained in the country for the past seven months, according to The New York Times. The move comes amid deteriorating health conditions for Gambaryan and mounting pressure from onlookers advocating for his release.
Secretary of State Antony Blinken and the U.S. ambassador to Nigeria have been privately pressuring the country to release Gambaryan on humanitarian grounds. These efforts have reportedly ramped up since June, around when congressional representatives French Hill (R-Ark.) and Chrissy Houlahan (D-Pa.) visited Gambaryan in prison.
Last week, a video surfaced showing Gambaryan in dire straights. He reportedly suffers from a herniated disc as well as bouts of malaria and pneumonia and has been denied medical care while incarcerated.
In February, Gambaryan, a former IRS agent who was hired as Binanceâs compliance chief, and his colleague Nadeem Anjarwalla, the exchangeâs regional manager for Africa, traveled to the country after Nigerian officials asked to hold a meeting under false pretenses. Both executives were detained upon arrival and charged with money laundering and tax evasion, the latter of which were later dropped.
Lawyers for Gambaryan, a U.S. citizen, are pressuring the U.S. State Department to label Gambaryan as âwrongfully detained.â
According to two unnamed State Department officials cited by the NYT, Gambaryanâs detention has been a âsignificant factorâ in worsening relations between the U.S. and Nigeria. U.S. authorities are reportedly in contact with Nigeriaâs president, finance minister, attorney general and trade minister to resolve the issue.
Start your day with the most influential events and analysis
happening across the digital asset ecosystem.
Gambaryan appeared in court last week to apply for bail to seek medical care. If granted, he would be released in October when his trial is due to begin. He has denied all wrongdoing.
Nigeria claims that Binance, the world's largest cryptocurrency exchange, contributed to the decline of its local currency, the naira, by facilitating $26 billion in illegal cross-border transfers. The exchange, which has since cut support for the currency, separately faces tax evasion charges in the country.
Binance CEO Richard Teng has called for Gambaryanâs release, arguing that he is his mid-level employee who should not bear responsibility for the companyâs actions.
Before his detention, Gambaryan was best known in the crypto community as one of the lead investigators that brought down the Silk Road darknet market and BTC-e crypto exchange, which was found to be a hotspot for money laundering.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.