Tigran Gambaryan, a 40-year-old U.S. citizen and former head of financial crime compliance at Binance, the world’s largest cryptocurrency exchange, was recently in the spotlight due to a high-profile legal case in Nigeria. After his arrest during a business trip in February, Gambaryan faced money laundering charges alongside Binance, accused of laundering a staggering $35.4 million—a claim they both have denied.
Can you tell us about the circumstances surrounding your arrest?
Gambaryan was arrested while on a business trip to Nigeria and was later charged with money laundering, which he and Binance vehemently refute. Nigerian authorities have attributed significant economic issues within the country to cryptocurrency platforms like Binance, alleging that these platforms manipulated exchange rates and engaged in currency speculation.
What can you share about the current situation regarding your health and imprisonment?
Since his transfer to the Kuje Correctional Centre in Abuja in April, concerns over Gambaryan’s health have escalated. His family has been vocal about the deteriorating conditions he faces in prison, highlighting a severe back issue that his wife, Yuki, has stated could lead to permanent damage. Despite their pleas, a High Court judge has denied his bail twice, citing flight risk—an accusation heightened after a colleague of Gambaryan’s, who was also arrested, escaped custody.
What has been the response from Nigerian authorities regarding your case?
As of recently, the Economic and Financial Crimes Commission (EFCC) announced that they would be dropping the money laundering charges against Gambaryan to permit him to receive medical treatment abroad. This move came during a court session where it was reported that his trial had been adjourned due to his illness. While the charges against him have been dropped, the EFCC still intends to pursue tax evasion charges against Binance.
How has the situation at Binance been affected by regulatory challenges?
Binance has faced significant legal challenges not just in Nigeria but also in the United States, leading to the resignation of its founder, Changpeng Zhao, amid allegations of allowing money laundering on its platform. The ongoing scrutiny raises larger questions about the relationship between cryptocurrency firms and financial regulations on a global scale.
What message do you have for those following your case?
For those keeping an eye on this situation, Gambaryan’s case highlights broader concerns about the rapidly evolving cryptocurrency landscape and the regulatory challenges that accompany it. The outcome of his case may set important precedents for how cryptocurrency firms operate within Nigeria and beyond.
