Binance Executive, Gambaryan, Quits Firm After Detention Saga In Nigeria

Tigran Gambaryan, the Binance executive who was detained in Nigeria for nearly eight months, has formally exited the cryptocurrency exchange.

Naija News reports that Gambaryan, who served as Binance’s Head of Financial Crime Compliance, stepped down from the role months after his legal ordeal in Nigeria came to a controversial close.

The departure was confirmed by a Binance spokesperson in a statement made available to Bloomberg.

“Tigran has made a lasting impact on Binance, just as he did in his previous roles in law enforcement.

“We are deeply grateful for his dedication in transforming our financial crimes compliance organisation. Thanks to his tireless efforts, the crypto industry is safer for all,” the firm said.

The former United States IRS agent was arrested in Nigeria in February 2024, following regulatory action against Binance for alleged currency manipulation activities in the Nigerian foreign exchange market.

The Economic and Financial Crimes Commission (EFCC) later arraigned Gambaryan and Binance on charges bordering on money laundering and other financial infractions.

In May, Gambaryan collapsed in court amid complaints of deteriorating health while in Kuje Prison. His first bail request was denied on May 17, with the court citing insufficient grounds.

His wife, Yuki, raised an alarm over his condition, warning that he needed a “highly specialised and risky surgery” which was not being provided in custody.

Justice Emeka Nwite, in a related development, issued an arrest warrant against a medical officer in Kuje correctional facility for failing to provide the detainee’s medical report as ordered.

Despite fresh bail applications from Gambaryan’s legal team, led by Mark Mordi (SAN), the EFCC opposed the requests, insisting that the executive’s health issues were “not as serious” as claimed.

EFCC counsel, Ekele Iheanacho, told the court that the prosecution had reviewed medical reports and found no substantial basis for a medical release.

However, in a surprise twist on October 23, 2024, the EFCC withdrew its case against Gambaryan, citing international and diplomatic considerations.