Binance to FG: Continued detention of Gambaryan unjust — release him for medical treatment

Richard Teng, chief executive officer (CEO) of Binance, a cryptocurrency firm, has raised concerns over the conditions of Tigran Gambaryan, a senior executive of the firm, in Nigeria’s custody.

On February 28, Gambaryan and Nadeem Anjarwalla, Binance’s regional manager for Africa, were detained by the Nigerian authorities.

The federal government, on March 25, filed a criminal charge against Binance for “tax evasion” — the same period Anjarwalla fled detention.

In April, the Economic and Financial Crimes Commission (EFCC) filed a suit against Binance and Gambaryan over allegations bordering on money laundering.

However, Gambaryan’s health, according to Yuki, his wife, is getting worse and needs “highly specialised and risky surgery” to treat the herniated disc in his back.

Speaking on the condition of Gambaryan, Teng said his detention is “unjust, unfairly and unlawful”.

“Tigran’s physical and mental conditions have deteriorated rapidly with his situation being more dire than ever.  He is in severe pain and unable to walk due to a herniated disc,” he said.

“Despite his conditions, the Nigerian government has refused adequate medical care, including basic needs such as providing access to a wheelchair.

“Furthermore, they are refusing to provide access to his legal counsel, despite a trial commencing on 2 September, which we have been informed is unconstitutional in Nigeria.

“A court has demanded the government release Tigran’s medical records but after several months, they have still not complied. This week Tigran was denied access to his US consulate representative. These actions are inexplicable.”

Teng also said he is deeply concerned about the long-term, potentially irreversible physical and mental impact “this horrific episode is having on Tigran”.

“I appeal once again for the Nigerian government to allow him to go home to his family on humanitarian grounds so that he can seek the appropriate medical treatment in the US, recover and get back to the healthy, active life he previously had,” the Binance CEO said.

“Tigran is a proud American who should not be subject to such unjust treatment. It is my sincere hope that the American government and political apparatus can exert its political will and muscle to bring Tigran home soon, so that he can get the adequate treatment and be reunited with his family and loved ones.

“The US administration and legislators have the power to designate Tigran as one of its “unlawfully detained” citizens overseas and there are substantial reasons to do so.”

‘DO NOT USE BASELESS ALLEGATIONS TO HOLD GAMBARYAN’ 

Teng said the Nigerian government claimed the reason Gambaryan is in custody is because Binance is operating virtually and the only thing the government can hold on to is the company’s executive.

“This statement is far from the truth. There is no need to imprison an innocent employee to answer for any allegations against Binance. We have settled issues in countries around the world, including the US, Thailand, and most recently in Brazil and India, in a reasonable, collaborative and amicable manner with governments,” he said.

“All these were done without threat or harm inflicted to any of our employees.  This is no good reason to hold an innocent employee to advance the discussion of outstanding issues.

“Another claim made by the Nigerian government was that Binance was responsible for its currency decline. To everyone paying attention, this is not backed up by facts.

“Between 2021 and the end of 2022, the Naira traded between a relatively narrow range of USD1: 380 to USD1: 440.  We have been offering P2P services as a value-added service for our users wishing to get exposure to crypto during that period of time.

“The end of the Naira’s currency peg by the Government in June 2023 caused the biggest fall in Naira’s history according to experts.  It went from USD1: 460 in June 2023 to USD1: 900 by the end of 2023. The downward trend continued since.

“The Naira traded at a recent low of USD1: 1,660 on 31 July 2024, representing a 50% decline from the start of 2024.  This downward trend continued despite Binance ceasing to offer P2P services in the country in February 2024.

“As economists have more elegantly explained, the movement of a country’s currency is attributable to various macroeconomic factors.”

Teng also appealed to the federal government to allow Gambaryan safe passage home to his wife and two young children.

The CEO added that once these issues are resolved, “we hope to work with the Nigerian government to support development of the Web3 industry, create more opportunities for its young, talented workforce, and support the effort to attract more foreign direct investment”.

Gambaryan’s trial is expected to resume on September 2.