The post U.S. Officials Push to Free Binance Executive from Nigeria appeared first on Coinpedia Fintech News
Tigran Gambaryan, the head of financial crime compliance for Binance, has been stuck in Nigerian custody since February 2024. The visit, intended to address concerns about Binanceâs involvement in Nigeriaâs economic issues, turned into something far more serious. Gambaryan was initially charged with tax evasion and money laundering, though the tax charges were later dropped. Now, the African nation and Binance are pulling him into a tug-of-war, leaving his future uncertain.
Why Gambaryanâs Detention is Alarming
Gambaryanâs health has taken a dramatic turn for the worse since his detention. He has contracted malaria, pneumonia, and tonsillitis. On top of that, he suffers from a herniated disc that requires surgeryâa surgery he hasnât been able to get in prison. Confined to a wheelchair, the Binance executive has been denied proper medical attention for months. His lawyers have filed multiple bail requests, pointing to his deteriorating condition, but the Nigerian courts continue to reject them.
The situation has prompted U.S. attorneys general, led by Utahâs Sean Reyes, to take action. Theyâve sent a letter to President Joe Biden and Secretary of State Antony Blinken, urging them to classify Gambaryan as a hostage. The letter grimly compares his treatment to Otto Warmbier, the American student who tragically died after being held in North Korea.
Whatâs Really Going On?
Gambaryanâs arrest stems from allegations that Binance was destabilizing Nigeriaâs local currency. While the Nigerian economy has been struggling for a whileâlargely due to corruption and poor managementâofficials have pointed fingers at Binance, looking for someone to blame. Gambaryan, along with another Binance executive, became convenient targets. But many, including U.S. lawmakers and humanitarian groups, argue that his detention is unjust. The accusations against him seem more like an excuse to hold him as leverage against Binance.
His legal team, led by attorney Mark Mordi, has been tirelessly fighting for his release. In September, the court delayed making a decision on his bail, and a new application was filed, this time emphasizing his urgent need for medical care. But so far, every effort has hit a dead end.
What to Expect Next
Gambaryanâs trial will continue on October 25, but with his deteriorating health and the lack of independent medical checkups, predicting the outcome is difficult. The U.S. government has remained mostly silent, but behind the scenes, there are signs that quiet diplomatic efforts might be underway. As the pressure mounts, both on Nigeria and the White House, all eyes are on how this case will unfold.
The next few weeks could be crucial in deciding Gambaryanâs fate, and whether or not the U.S. government will step up its efforts to secure his release.