It has been about six months since the Nigerian government detained Binance executive Tigran Gambaryan at the end of February on suspicion of money laundering and tax evasion. Recently, Tigran Gambaryan's family came forward to say that he was disabled and had serious complications due to medical negligence. Binance CEO Richard Teng also came forward yesterday to call on the US government, global citizens and organizations to exert political pressure on the Nigerian government to release Tigran Gambaryan on humanitarian grounds.
Former federal agent held in government custody for more than six months, health condition in jeopardy
At the beginning of this year, the Nigerian government accused Binance of manipulating the exchange rate of the country's legal currency Naira. On February 25, Binance sent two executives to the country for discussions but have since been detained by the government. Tigran Gambaryan is one of them. According to a statement provided by Binance, Tigran Gambaryan was a federal agent before joining Binance. He has participated in the investigation of cryptocurrency incidents such as Darknet Silk Road and Mt.gox, and has also participated in the investigation of many incidents involving national security, terrorism, tax evasion and even child pornography. After joining Binance, he served as the head of the financial crime compliance department. Under his leadership, Binance has cooperated with U.S. agencies such as the FBI, DEA, and DOJ on many occasions.
(Binance shakes the country’s foundation? Nigeria asks for $10 billion in compensation: Binance devalued the country’s currency by 70%)
Tigran Gambaryan's family said: "Due to an untreated disc herniation or spinal injury, he is no longer able to walk. The prison also refused to provide him with a wheelchair." According to reports, the former federal agent even faced serious complications due to long-term With untreated malaria and pneumonia, Tigran Gambaryan suffered from severe tonsil inflammation and was advised to have his tonsils surgically removed. At the same time, he was unable to walk and needed to take blood thinners to avoid blood clots. Without access to a wheelchair, the American citizen was unable to go to the U.S. Embassy for help.
(Executives were detained in Nigeria for two weeks, Binance spokesperson: We are doing our best to provide all help)
Richard Teng says Binance has compliance capabilities and points out that Binance should not be responsible for currency devaluation
Yesterday, Binance CEO Richard Teng also issued a statement, in which in addition to once again clarifying the dispute with the Nigerian government, he also shared the health condition of Tigran Gambaryan and once again called for putting pressure on the Nigerian government to release Binance executives on humanitarian grounds. Richard Teng said:
"It has been six months since Tigran Gambaryan was unjustly detained. Tigran Gambaryan's physical and mental condition has rapidly deteriorated and his situation is now more serious than ever. Due to a herniated disc, he is in severe pain and cannot walk. Despite his serious condition , the Nigerian government still refuses to provide him with adequate medical care, including basic needs such as the use of a wheelchair.”
He also mentioned that Tigran Gambaryan’s trial will begin on September 2, but he is not allowed to meet with his legal team, which is unconstitutional under Nigerian law. A court also ordered the government to release his medical records, but months later the government still failed to comply. Tigran Gambaryan was also not allowed to meet with US embassy representatives this week, actions that Richard Teng said were inexplicable.
The Nigerian authorities stated that Binance has no entity operating in Nigeria, so Tigran Gambaryan is the only defendant they can arrest. Prosecution lawyers argued at the bail application hearing that the defendant should not be granted bail because he was a flight risk. Richard Teng said there was no need to imprison innocent employees for any charges against Binance, and cited Binance's cases in Brazil and India to illustrate that the exchange was able to reach agreements with the government, all without harming employees. Completed under conditions.
Another claim by the Nigerian government is that Binance is responsible for the devaluation of its currency, but Binance said this claim has no factual basis. Between 2021 and the end of 2022, the naira will trade between 1:380 and 1:440 against the US dollar. During that time, Binance offered P2P services in the country. According to Steve H. Hanke, a professor in the Department of Economics at Johns Hopkins University, the professor said the Nigerian government’s assertion that the currency’s devaluation is blamed on cryptocurrency speculation is incorrect and misleading. The Nigerian government ended the naira's currency peg in June 2023, leading to the naira's largest decline in history. From $1:460 in June 2023 to $1:900 by the end of 2023. The naira exchange rate hit a recent low of $1:1,660 on July 31, 2024, down 50% from the start of 2024.
At the same time, regarding the issue of tax evasion by Binance, Richard Teng also stated in the statement that Nigeria has never been a big market for Binance. The country’s government claims that Binance generated $26B in revenue from Nigeria in 2023, but in fact the $21.6B figure is the total trading volume since 2023, and Binance has only charged meager fees since then.
Richard Teng calls on the people to speak out and ask the US government to bring illegal citizens home
Richard Teng’s final appeal: Tigran Gambaryan is a proud American who does not deserve this injustice. I sincerely hope that the U.S. government and political institutions will use their political power to bring him back to the country as soon as possible so that he can receive adequate treatment and be reunited with his family and relatives. The U.S. government and lawmakers have the authority and good reason to designate Tigran Gambaryan as one of its citizens "unlawfully detained" overseas.
People around the world should speak up and express their concerns to convince the Nigerian government that such unilateral actions will be detrimental to the country's long-term economic development and well-being. Key stakeholders in the Nigerian government decided to unfairly and unlawfully detain Tigran Gambaryan, but they could also have made the fair decision to allow former U.S. federal agent Tigran Gambaryan to return home. We call on all policymakers in Nigeria to allow him to return home safely to his wife and two young children on humanitarian grounds.
Once these issues are resolved, we hope to work with the Nigerian government to support the growth of the Web3 industry, create more opportunities for its young, talented workforce, and support efforts to attract more foreign direct investment.
This article: Binance senior official imprisoned in Nigeria for six months! Richard Teng calls for the release of innocent employees first appeared on Chain News ABMedia.
