What’s Latest on Binance Nigeria Scandal?

NAIROBI (CoinChapter.com) — Binance, the international cryptocurrency exchange, is actively engaging with the Nigerian government to facilitate the release of Tigran Gambaryan, its head of financial crimes investigations, who is currently detained in Nigeria. Noah Perlman, Binance’s Chief Compliance Officer, emphasized the company’s commitment to working closely with Nigerian authorities to resolve the situation.

Gambaryan, a former IRS special agent who joined Binance in 2021, pleaded not guilty this week to charges of money laundering, tax evasion, and manipulating the price of Nigeria’s currency. Perlman stated that Gambaryan was in the country at the Nigerian government’s invitation.

Speaking at a cybersecurity conference held by Chainalysis, Perlman expressed optimism that Binance could reach a resolution with the Nigerian government that would lead to Gambaryan’s release, though he declined to provide specifics.

Facing regulatory challenges, Binance decisively discontinued Nigerian Naira (NGN) services, marking a significant shift in its operations within Nigeria. Our previous coverage, “Nigerian Naira Services Discontinued by Binance in Ongoing Battle for Control in Nigeria,” highlighted Binance’s move to convert NGN balances to USDT. This action signaled a strategic withdrawal amid growing scrutiny and the implicit Nigeria Binance ban.

Binance Calls for Immediate Release Amid Unlawful Detention

Gambaryan’s defense attorney, Mark Mordi, highlighted the unlawfulness of his client’s 40-day detention without formal charges. Consequently, Mordi advocated for the court to either address Gambaryan’s bail plea by Thursday or transfer him to the custody of the prosecuting Economic and Financial Crimes Commission (EFCC) agency.

Gambaryan’s wife, Yuki Gambaryan, has also spoken out, pleading for the American government to intervene and secure her husband’s release.

“I am begging the American government to do anything to get Tigran out,” Yuki Gambaryan said in a statement. “I am imploring the Nigerian government to realize that they are holding a completely innocent man.”

Binance has echoed these sentiments in an official statement, emphasizing that Gambaryan has dedicated his life to public service and fighting crime and that the charges against him are “meritless.”

The company highlighted Tigran Gambaryan’s pivotal role in shaping policy and enhancing compliance practices within the industry. His leadership led the Financial Crime Compliance team to assist global law enforcement. They helped freeze and seize assets worth over $2.2 billion, including working with U.S. agencies like the FBI, DOJ, and DEA. These efforts recovered more than $285 million.

Despite the regulatory uncertainties and the high-stakes dialogue with the Nigerian government, Binance Coin (BNB) remains unfazed. As of April 4, BNB is trading at $607.33, marking a 4.39% increase over the past 24 hours.

This uptick has boosted its market cap to $90.8 billion, ranking it as the fourth-largest cryptocurrency by market capitalization. Furthermore, its 24-hour trading volume stands at $1,805,912,040, ranking it tenth in volume among all cryptocurrencies.