The Binance executive who spent nearly eight months detained in Nigeria last year Tigran Gambaryan, is officially leaving the cryptocurrency exchange. His departure as the firm’s head of financial crime compliance comes months after his release amidst ongoing global regulatory challenges for Binance.
Gambaryan, a former United States Internal Revenue Service agent, was arrested in Nigeria in February 2024. His detention followed a significant clampdown on Binance by Nigerian authorities over allegations of manipulating the local currency.
According to a Bloomberg report, a message confirming his exit was sent to the publication on his last day with the firm. A Binance spokesperson corroborated Gambaryan’s departure in a statement, saying, “Tigran has made a lasting impact on Binance, just as he did in his previous roles in law enforcement.” The spokesperson added, “We are deeply grateful for his dedication in transforming our financial crimes compliance organization. Thanks to his tireless efforts, the crypto industry is safer for all.”
Background to Detention and Release:
In April 2024, the Economic and Financial Crimes Commission (EFCC) had formally arraigned Binance and Gambaryan, who joined the company in 2021, on allegations of money laundering.
On May 17, 2024, the court denied Gambaryan’s initial bail request. Following this, the Binance executive reportedly collapsed in court due to “ill-health,” prompting significant concern. Gambaryan’s legal team and his family raised alarms, expressing fears that his health could rapidly deteriorate in Kuje prison if his condition worsened. His wife, Yuki, specifically claimed his health was deteriorating and stressed the need for a “highly specialized and risky surgery.”
Gambaryan’s health condition even led Justice Emeka Nwite to issue an arrest warrant against Abraham Ehizojie, a medical doctor at the Kuje correctional center’s health facility, for failing to produce the executive’s medical report.
On September 2, 2024, the EFCC objected to the health claims made by Gambaryan after prosecutor Ekele Iheanacho filed a counter-affidavit. Mark Mordi, Gambaryan’s counsel, informed the court of another bail application filed on August 28, 2024, seeking his client’s release on medical grounds. However, the prosecution filed a counter-affidavit opposing this application, with Iheanacho stating that he had perused the defendant’s medical records and found his health challenge “is not as serious” as portrayed.
Ultimately, on October 23, 2024, the EFCC informed the court that the anti-graft agency was dropping its case against Gambaryan due to various reasons, including critical international and diplomatic considerations.
