AFRICA

Binance Executive Tigran Gambaryan Leaves Nigeria After 8 Months Of Detention

After enduring eight months of detention in Nigeria, Binance Executive Tigran Gambaryan has been released and returned to the United States.

Gambaryan was held on charges brought by Nigeria’s Economic and Financial Crimes Commission (EFCC), but on October 23, 2024, an Abuja court dropped the charges, citing critical international and diplomatic considerations as well as Gambaryan’s employment status with Binance Holdings Limited.

During the court proceedings, the EFCC prosecutor stated, “The government has reviewed the case and, taken into consideration that the second defendant (Mr Gambaryan) is an employee of the first defendant (Binance Holdings Limited), whose status in the matter has more impact than the second defendant’s, and also taking into consideration some critical international and diplomatic reasons, the state seeks to discontinue the case against the second defendant.”

Gambaryan was subsequently released from Kuje Prison and is now en route to receive urgent medical care in the U.S.

Gambaryan’s wife, Yuki Gambaryan, expressed her relief in a statement released by Gambaryan’s representatives, describing the ordeal as a “living nightmare.” She thanked the US government and all supporters who aided in her husband’s release, saying, “I wish it hadn’t taken this long for his release, or that his health had not declined so much, but we can now focus on healing as a family.” She noted that their children eagerly await their father’s return and expressed gratitude for the privacy needed for his recovery.

Richard Teng, CEO of Binance, also shared his gratitude for Gambaryan’s release, acknowledging the resilience Gambaryan displayed during his detention.

Teng said, “We are deeply relieved and grateful that Tigran Gambaryan has finally been released after enduring nearly eight months of detention in Nigeria. Throughout this difficult period, Tigran has shown immense strength, and we commend his resilience in the face of such severe adversity.”

Teng also emphasised Binance’s commitment to regulatory collaboration, noting Nigeria’s potential to leverage blockchain technology for economic and social development.

He stated, “With a young, tech-savvy population and a strong interest in digital finance, Nigeria is well-positioned to leverage blockchain technology to address economic and social challenges. We look forward to playing a constructive role in that effort.”

Ozioma Samuel-Ugwuezi