In a major development for cryptocurrency giant Binance, its head of financial crime compliance, Tigran Gambaryan, has been released from Nigerian detention after spending nearly eight months behind bars.
Binance’s CEO Richard Teng expressed immense relief following Gambaryan’s release, describing the ordeal as a harrowing chapter for the company and the individual at its center.
The Economic and Financial Crimes Commission (EFCC) had detained Gambaryan and filed charges against him and Binance in April, accusing them of money laundering and currency manipulation in Nigeria. This accusation came amid Nigeria’s ongoing regulatory scrutiny of cryptocurrency exchanges.
Binance, the world’s largest cryptocurrency exchange by trading volume, has faced a series of regulatory challenges worldwide. However, Gambaryan’s arrest marked one of its most intense clashes with authorities.
According to Teng, Gambaryan showed “immense strength and resilience” during his time in detention, where he faced “severe adversity” that took a toll on his health.
“This has been an incredibly challenging time for Tigran and all of us,” said Teng in a post on X. “We are relieved and grateful for his release and deeply thankful to those who stood by us during these months.”
Teng also emphasized the company’s commitment to supporting Gambaryan’s recovery, noting that his health and well-being would be their top priority going forward.
“Now, Tigran can receive the medical care he urgently needs,” Teng added. “We stand by him as he regains his strength and spends time with his family.”
Gambaryan’s release comes as a result of the EFCC’s decision to drop the case against him, citing “critical international and diplomatic reasons.” However, specifics surrounding the decision to dismiss the case remain undisclosed.
The prolonged detention and subsequent release have raised questions about Nigeria’s stance toward cryptocurrency regulation. The country has made strides to adopt a cautious approach, frequently warning citizens about the risks of digital currencies. This recent case with Binance has only underscored the challenges of navigating the country’s strict financial regulations.
For Gambaryan’s family, the end of this ordeal brought an outpouring of gratitude and relief. His wife, Yuki, expressed her appreciation to the U.S. government for its involvement in her husband’s release.
“Today is a huge relief,” Yuki said. “These past eight months have been a living nightmare. I am grateful to everyone who supported us through this ordeal.”
Yuki revealed that her husband’s detention had affected the entire family deeply, especially their children, who anxiously awaited his return.
“I feared this day would never come,” she admitted. “Our children cannot wait to see their dad again.”
