In a dramatic escalation of tensions between global cryptocurrency giant Binance and the Nigerian government, Tigran Gambaryan, Binance’s head of financial crime compliance, has leveled serious allegations against Nigerian officials. He claims that during his detention, high-ranking Nigerian lawmakers solicited bribes amounting to $150 million in cryptocurrency. These explosive assertions have ignited a firestorm of controversy, with the Nigerian government vehemently denying the accusations.
Gambaryan, a former U.S. Internal Revenue Service (IRS) special agent renowned for his role in major cryptocurrency investigations, was arrested in Nigeria in February 2024. He was charged with money laundering and manipulating the local currency—a charge both he and Binance have consistently denied. After enduring eight months in detention under challenging conditions, including a severe health decline, Gambaryan was released in October 2024 on humanitarian grounds to seek medical treatment abroad
Upon his release, Gambaryan took to social media to disclose startling details of his ordeal. He alleged that during his detention, three Nigerian legislators demanded $150 million in cryptocurrency as a bribe. Furthermore, he accused National Security Adviser Nuhu Ribadu of seeking substantial payouts from Binance to fund political ambitions. “What I shared was meant to provide clarity on details left out by the media,” Gambaryan stated, emphasizing that his claims were based on firsthand experiences.
The Nigerian government has categorically refuted these allegations. Minister of Information and National Orientation, Mohammed Idris, labeled Gambaryan’s claims as “misleading, defamatory, and entirely unsubstantiated,” urging the public to dismiss them. The Economic and Financial Crimes Commission (EFCC) also denied any wrongdoing, maintaining that all actions taken against Gambaryan and Binance were in strict adherence to the rule of law.
This controversy is the latest chapter in the fraught relationship between Binance and Nigerian authorities. The Nigerian government has been cracking down on cryptocurrency activities, citing concerns over money laundering, tax evasion, and economic instability. In February 2024, Gambaryan and his colleague, Nadeem Anjarwalla, were arrested during a business trip to Nigeria. While Anjarwalla managed to escape custody in March 2024, Gambaryan remained detained.
During his imprisonment at Kuje Correctional Centre in Abuja, Gambaryan’s health deteriorated significantly. He suffered from a herniated disc and contracted malaria, conditions that were exacerbated by the prison environment. Despite two denied bail applications, citing him as a flight risk, international diplomatic pressure, particularly from U.S. officials, eventually led to his release on medical grounds.
Gambaryan’s allegations have sparked a broader conversation about corruption and transparency within Nigeria’s political and legal systems. Human rights organizations and anti-corruption advocates are calling for an independent investigation into the claims. “These are serious allegations that warrant a thorough and impartial inquiry,” stated a representative from Transparency International Nigeria.
In response to the unfolding situation, Binance’s CEO, Richard Teng, expressed deep relief over Gambaryan’s release and reiterated the company’s commitment to compliance and transparency. “We are eager to put this episode behind us and continue working toward a brighter future for the blockchain industry around the world,” Teng stated.
Beyond the legal and political ramifications, Gambaryan’s ordeal has taken a personal toll. In heartfelt messages, he expressed concern for his family’s well-being during the tumultuous period. “I don’t want to see my kids cry because I’m not around. I don’t want to see my 75-year-old mother in tears on television. I don’t want to see my wife breaking down on TV,” he shared, highlighting the emotional strain his detention imposed on his loved ones.
As the situation continues to develop, the international community watches closely. The allegations, if proven true, could have far-reaching implications for Nigeria’s political landscape and its relationship with global financial entities. For now, Gambaryan seeks to reclaim a sense of normalcy, stating, “I want my life back.” The responsibility for justice, he asserts, now lies with the appropriate authorities in both Nigeria and the United States.
