The trial of Binance executive and former U.S. federal agent, Tigran Gambaryan, has been postponed to September 2.
Gambaryan was arrested in Nigeria in February 2024 on money laundering charges related to Binance’s operations. He faces allegations of financial crimes involving $34 million. Despite his court date approaching, Gambaryan has not been allowed to meet his legal team, which Binance CEO Richard Teng called “unconstitutional.”
Gambaryan’s health is deteriorating due to untreated medical conditions, including a spinal injury. His family says he cannot walk due to severe pain and has not received a wheelchair. Teng has called for his release on humanitarian grounds so he can seek medical treatment in the U.S.
The Nigerian government also blames Binance for the naira’s decline in value in 2023, claiming that the exchange’s peer-to-peer services contributed to the currency’s devaluation. Even after Binance stopped offering these services in February 2024, the naira continued to fall.
The wife of detained Binance executive also raised concerns about his rapidly worsening health, describing it as “shockingly bad.”
Gambaryan had been responsible for overseeing financial crime compliance at Binance. He was detained alongside Nadeem Anjarwalla, Binance’s Africa regional manager, upon their arrival in Abuja, Nigeria’s capital, on February 26. They were accused of Binance making illegal transaction profits in the country, with criminal charges filed against them two days later.
Anjarwalla later escaped custody on March 22, but Gambaryan remains imprisoned at Kuje prison, where his legal team has reportedly been barred from meeting with him.
Gambaryan’s wife claims that he is now wheelchair-bound due to a treatable condition that has not been properly addressed. Binance CEO Richard Teng has called on the Nigerian government to release Gambaryan, adding that he was in Nigeria as an expert in financial crime to contribute to policy discussions.
The situation involving Binance in Nigeria dates back two years, when the country’s Securities and Exchange Commission (SEC) issued digital asset regulations requiring permits for crypto exchanges. Despite Binance’s efforts to comply, the exchange faced unclear requirements and non-responsiveness from the SEC. In June 2023, the SEC accused Binance of operating illegally, leading to the suspension of the solicitation of Nigerian investors.
The Federal Inland Revenue Service (FIRS) of Nigeria initially brought the tax charges against Binance and the two executives. However, FIRS agreed to revise the charges, naming only the crypto exchange through its local representative as the defendant. Gambaryan will no longer need to appear in court for the FIRS case, making Binance the sole defendant.
