Binance To Explore Legal, Political Measures To Free Detained Executive — CEO

Binance CEO Richard Teng has pledged the commitment of the organisation to explore both legal and political channels in ensuring the release from detention of its top executives, Tigran Gambaryan, who is standing trial for money laundering and tax evasion charges in Nigeria.

Speaking at the sidelines of the Token2049 conference in Singapore on Thursday, Teng reassured attendees that Binance’s internal task force is working tirelessly to secure Gambaryan’s release who has been held for seven months in Nigeria.

“We have a task force internally working around the clock, looking at different avenues from legal to political,” Teng said.

He explained that the company had appealed to the Nigerian authorities to release the detained executive to attend to his health but this has not been successful.
“We have appealed to the Nigerian government repeatedly to release Tigran so that he can go home and get the proper medical treatment that he needs,” Teng said. “There’s no need to hold our staff. He’s held unjustly, unfairly.”

Teng further stressed the toll the detention has taken on Binance and Gambaryan’s family. “It is distressing for all of us,” he remarked. “Especially for the families. For us at Binance, this is a top priority. We have a task force internally working around the clock, looking at different avenues from legal to political.”

The Binance CEO also expressed hope that Gambaryan would be designated as an unlawfully detained citizen by the United States, which could expedite his release and repatriation. He noted that Binance has sought Gambaryan’s release on humanitarian grounds but has so far been unsuccessful.

He cited that reports indicate that Gambaryan’s health has significantly deteriorated during his time in detention as he has reportedly contracted pneumonia twice and is suffering from a longstanding back issue, which has been part of his medical history for years.

Concerns for his well-being grew after he collapsed in court during one of his appearances.

However, the Nigerian authorities have suggested that his health issues are being exaggerated.

LEADERSHIP reports that Gambaryan, Binance’s head of Financial Crime Compliance, was originally invited to Nigeria in February 2024 to address compliance-related issues in the country.

However, the meeting took a dramatic turn, leading to his detention along with another Binance executive, Nardeem Anjarwalla.

While Anjarwalla managed to escape custody using a second passport, Gambaryan remained in custody and was eventually transferred to Kuje prison in Abuja.

Gambaryan has since faced multiple court appearances but remains in detention.

As the world’s largest cryptocurrency exchange, Binance has faced numerous regulatory challenges globally, including in jurisdictions such as Brazil, India, Nigeria, and even the United States.