Nigeria Stands Firm as US Lawmakers Urge Biden to Secure Release of Detained Binance Executive
Thank you for reading this post, don't forget to subscribe!Nigeria’s federal government asserted on Wednesday that Binance Holdings Limited executive, Tigran Gambaryan, has a case to answer, despite US lawmakers accusing Nigeria of holding him “hostage” and urging President Joe Biden to intervene for his release.
Sixteen Republican congressmen, including House Foreign Affairs Committee Chairman Michael McCaul, wrote to Biden to refer Gambaryan’s case to the Office of the Special Presidential Envoy for Hostage Affairs, Bloomberg reported.
Gambaryan, a US citizen and head of financial crime compliance at Binance, has been detained in a prison in Abuja since April. Lawmakers argued that the charges against him are baseless and aimed at extorting Binance.
The confrontation began in February when Nigerian authorities detained Gambaryan and a colleague, who later escaped, during a visit to discuss Binance’s compliance issues.
Nigerian Information Minister Mohammed Idris refuted the wrongful detention allegations, stating, “They have committed a crime.” Gambaryan faces charges related to non-payment of value-added tax, corporate income tax, and aiding tax evasion through Binance’s platform.
Gambaryan’s health and well-being were cited as serious concerns by the lawmakers, who highlighted the urgency of action to ensure his safety. He last appeared in court on May 23, but the hearing was adjourned to June 20 due to his ill health.
Nigeria’s ongoing crackdown on cryptocurrency channels, which authorities claim contributed to the naira’s significant depreciation, had already strained relations with Binance. Central Bank Governor Olayemi Cardoso highlighted illicit flows through Binance amounting to $26 billion from unidentifiable sources and users.
This situation adds to Binance’s global legal troubles, including founder Changpeng Zhao’s recent four-month prison sentence in the US for compliance failures, and a $4.3 billion settlement with US authorities over similar allegations.
