Binance CEO Richard Teng and the family of Tigran Gambaryan have called for his release, stating that the executive has been unjustly detained in Nigeria since February.
The detention of Gambaryan, who serves as Binance’s head of financial crime compliance, has sparked growing demands from industry leaders and international observers for Nigerian authorities to release him.
In an August 27 blog post, Teng urged the Nigerian government to free Gambaryan on humanitarian grounds, expressing concerns about the “potentially irreversible physical and mental impact” of his prolonged detention.
Teng criticised the basis for Gambaryan’s detention, labeling the allegations against him as “baseless” and arguing that there is no justification for imprisoning an innocent employee.
The Binance CEO emphasised that the company has resolved issues with governments worldwide, including in the US, Thailand, Brazil, and India, without resorting to threats or harm against its employees.
Family members, including Gambaryan’s wife, Yuki, have reported that his health has severely deteriorated during his detention, with allegations that he is being denied necessary medical care.
Yuki Gambaryan shared in a YouTube video that her husband has been suffering from serious health issues, including bouts of malaria and pneumonia, and is now unable to walk due to the conditions of his confinement.
Gambaryan, a former special agent for the United States Internal Revenue Service, was detained alongside his colleague Nadeem Anjarwalla after meeting with Nigerian officials to discuss regulatory matters concerning Binance.
Initially, the two were charged with tax evasion and money laundering by Nigeria’s Federal Inland Revenue Service and the Economic and Financial Crimes Commission (EFCC).
Anjarwalla managed to escape custody in March, fleeing to Kenya, but was later apprehended and now faces potential extradition back to Nigeria.
Since Gambaryan’s detention, US lawmakers have appealed to President Biden to intervene, alleging that the Nigerian government’s charges were unfounded and intended to coerce Binance.
A petition initiated by Yuki Gambaryan, addressed to the US State Department, President Biden, and Nigerian authorities, has garnered over 5,000 signatures, urging for Tigran’s release.
The Federal Inland Revenue Service dropped its case against Gambaryan in June, but he is still facing money laundering charges from the EFCC and is due in court on September 2.
Gambaryan remains in custody at the Kuje Detention Facility near Abuja, pleading not guilty to the charges.
Meanwhile, Nigerian authorities are reportedly pursuing civil penalties against Binance but have denied seeking a $10-billion fine.
In response to the situation, Binance ceased all transactions in Nigerian currency, effectively exiting the market.