Biden Applauds Nigeria for Releasing Binance’s Gambaryan

U.S. President Joe Biden offered his thanks to Nigeria’s President Bola Tinubu for enabling the release of Binance executive Tigran Gambaryan, who was held by Nigerian officials in February 2024 due to accusations related to Binance’s operations in Nigeria.

The White House has released a statement detailing a recent phone call between U.S. President Joe Biden and Nigerian President Bola Tinubu.

Joe Biden’s Statement Source: whitehouse.gov

In their conversation, Biden expressed sincere thanks to Tinubu for his instrumental role in securing the humanitarian release of American citizen Tigran Gambaryan.

Additionally, President Biden expressed gratitude to Nigeria for its collaborative efforts in law enforcement, specifically mentioning the new Bilateral Liaison Group on Illicit Finance and Cryptocurrencies. 

Read more: Nigeria Tightens the Noose

To remind, two Binance executives—Tigran Gambaryan and Nadeem Anjarwalla—were detained in Nigeria without specific charges in February 2024.

Gambaryan, a U.S. national and former IRS special agent, leads Binance’s financial crimes division. Nigerian law enforcement later filed money laundering charges against him. 

Gambaryan in Court Source: thearmenianreport.com

Anjarwalla, a citizen of both the U.K. and Kenya, holds the position of regional director for Africa at Binance.

Earlier, Nigerian officials accused Binance of benefiting from illicit transactions in Nigeria, seeking a minimum of $10 billion in damages. Reports claim that in 2023, as much as $10 billion in untracked funds might have passed through the platform.

Following these accusations, Binance suspended naira transactions.

Eight months later, the Federal High Court in Abuja exonerated Tigran Gambaryan, dismissing all charges.

According to Business Insider Africa, an attorney representing the Economic and Financial Crimes Commission (EFCC) has confirmed that legal proceedings against Binance on money laundering charges are set to continue.

While imprisoned, Gambaryan’s health took a drastic hit; he now endures severe pain due to a herniated disc and is unable to walk.

In a message posted on X, Binance CEO Richard Teng shared, “We are deeply relieved and grateful that Tigran Gambaryan has finally been released after enduring nearly eight months of detention in Nigeria.”  

Read on: Richard Teng Unveils His Vision for Binance

Binance remains committed to collaborating with global regulators to ensure compliance and transparency in the evolving digital asset space. We are eager to put this episode behind us and continue working toward a brighter future for the blockchain industry around the world

Teng concluded.