Richard Teng, the Chief Executive Officer of cryptocurrency exchange Binance has expressed relief over the release of Tigran Gambaryan, the company’s Head of Financial Crime Compliance, by Nigerian authorities.
Daily Patriot reported on Wednesday, October 24, 2024, that Mr Gambaryan was freed by the Federal Government after spending eight months in detention over money laundering allegations.
In April 2024, the Economic and Financial Crimes Commission (EFCC) arraigned both Binance and Mr Gambaryan on charges related to money laundering and alleged currency manipulation.
The crackdown came as part of Nigeria’s broader efforts to regulate the cryptocurrency market which has seen increasing scrutiny from relevant financial agencies.
Mr Gambaryan who had been in custody since February 2024, when Nigerian officials accused his company of enabling illegal financial activities that manipulated the country’s currency, the naira.
The episodes of arrests and allegations had sparked growing tensions between cryptocurrency firms and regulators in Nigeria.
Also, concerns about financial stability and money laundering continued to brew leading to strict enforcement actions.
However, on Wednesday, October 24, 2024, the EFCC informed the court that it was dropping its case against Mr Gambaryan.
Although the reasons for this decision were not fully detailed, the agency’s withdrawal of charges marks a significant development in the ongoing scrutiny of Binance’s operations in Nigeria.
In his reaction via a post on X on Thursday, October 24, 2024, Mr Teng praised Mr Gambaryan for his resilience during his detention in Nigeria. He also acknowledged the challenging circumstances Mr Gambaryan faced.
The Binance CEO reiterated the company’s commitment to complying with financial regulations and working with governments to ensure transparent operations in all its markets.
“We are deeply relieved and grateful that Tigran Gambaryan has finally been released after enduring nearly eight months of detention in Nigeria,” Mr Teng posted.
“Throughout this difficult period, Tigran has shown immense strength, and we commend his resilience in the face of such severe adversity.
“We are deeply thankful to everyone who dedicated countless hours to support Tigran’s release.
“Tigran’s health and well-being remain our top priority, and we are thankful he can now receive the medical care and rest he so urgently needs alongside his family,” he added.
Binance has previously faced legal challenges in multiple jurisdictions, raising questions about how cryptocurrency firms navigate global regulatory landscapes.
