The U.S. government is intensifying efforts to secure the release of Binance executive Tigran Gambaryan, detained in Nigeria for over seven months on money laundering charges. U.S. officials
The U.S. government is intensifying efforts to secure the release of Binance executive Tigran Gambaryan, detained in Nigeria for over seven months on money laundering charges. U.S. officials are concerned about his health as diplomatic pressure mounts.
Summary:
The ongoing detention of Binance executive Tigran Gambaryan in Nigeria has sparked a significant diplomatic standoff between the United States and Nigeria. Gambaryan, arrested in February 2023 on charges related to money laundering and economic disruption, has now been in custody for over seven months, raising concerns from both his legal team and U.S. officials about his deteriorating health. As tensions grow, U.S. diplomats are actively pushing Nigerian authorities for his release, with top officials like Secretary of State Antony Blinken directly engaging in talks to resolve the situation. This high-profile case has become a key issue influencing U.S.-Nigeria relations, with the outcome potentially shaping future diplomatic and economic interactions between the two nations.
Two senior officials from the U.S. State Department have disclosed that the U.S. government is intensifying efforts to secure the release of Tigran Gambaryan, a senior executive at Binance, who has been detained in Nigeria for over seven months. Gambaryan’s arrest in February, tied to allegations of economic crimes, has become a pivotal issue in diplomatic relations between the U.S. and Nigeria. U.S. diplomats are increasingly concerned over Gambaryan’s deteriorating health while in detention, which has heightened the urgency of the matter.
The case has escalated to the highest levels of government, with U.S. Secretary of State Antony Blinken personally raising the issue during talks with Nigerian Foreign Minister Geoffrey Onyeama in May. Additionally, other top U.S. diplomats, including the U.S. Ambassador to Nigeria, have privately lobbied key figures in the Nigerian government, such as the president, finance minister, and justice minister, urging them to facilitate Gambaryan’s release. The pressure is mounting as Gambaryan’s legal team advocates for the U.S. to label him as “wrongly detained,” a move that could further intensify diplomatic efforts to bring him home.
Gambaryan’s arrest stems from his involvement in discussions with Nigerian officials about Binance’s operations in the country. Nigerian authorities have accused the company of destabilizing the naira, Nigeria’s national currency, by enabling users to convert funds out of the local currency, which they claim contributed to its devaluation. Initially charged with tax evasion and money laundering, Gambaryan has since seen the tax charges dropped, but he continues to face allegations related to money laundering and economic disruption. These charges have prolonged his detention, despite repeated pleas for his release.
Last week, Gambaryan appeared in court to request bail on medical grounds, citing serious health concerns that have worsened during his imprisonment. His legal team is hoping for a favorable ruling that would allow him to seek medical treatment before his trial, which is set to begin in October. If granted bail, Gambaryan could be released temporarily, though he still faces significant legal challenges ahead. Throughout the ordeal, Gambaryan has maintained his innocence, denying any involvement in actions that harmed the Nigerian economy.
This case has placed increasing strain on U.S.-Nigeria relations, with growing diplomatic pressure from Washington on Nigerian authorities. The outcome of Gambaryan’s detention, and the charges against him, may have wider implications for both nations as they navigate the intersection of international business, legal accountability, and diplomatic interests. The U.S. continues to explore all options to ensure his safe return while balancing broader geopolitical and economic considerations in its dealings with Nigeria.
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The legal battle intensified in March when a co-accused, Anjarwalla, escaped custody using his Kenyan passport. Subsequently, Nigeria’s Federal Inland Revenue Service initiated criminal proceedings against Binance for tax noncompliance. In April, Nigeria’s EFCC added more charges against Gambaryan, including currency speculation and tax evasion worth $34 million. Despite pleading not to represent Binance in court, Gambaryan was transferred to Kuje Correctional Center. Binance CEO Richard Teng expressed dismay over Gambaryan’s prolonged detention, with allegations emerging that an unnamed Nigerian official demanded a $150 million crypto payment, which Binance deemed a bribe.
While Nigerian officials have dismissed the bribery claims, U.S. lawmakers called on President Biden in June to secure Gambaryan’s release, accusing Nigeria of coercing Binance. Industry groups, such as the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), warned that the ongoing legal dispute could harm Nigeria’s blockchain sector, calling for a fair trial to restore investor confidence. By July, Gambaryan’s medical records were ordered to be released due to health concerns, but his legal challenges and the broader implications for U.S.-Nigeria relations continue.
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