Tigran Gambaryan, the head of financial crime compliance at Binance, is bidding farewell to the exchange after enduring a challenging legal battle in Nigeria that captured global attention. Gambaryan, a former US Internal Revenue Service agent, has confirmed to Bloomberg News that Friday marks his final day at Binance.
The ordeal began when the Nigerian government detained Gambaryan last year on charges of money laundering and currency manipulation after he had traveled to the country on behalf of Binance. However, in a turn of events, Gambaryan was released on humanitarian grounds in October after his health deteriorated during his detention. Subsequently, Nigerian authorities dropped all charges against him.
A Binance spokesperson expressed gratitude for Gambaryan’s contributions to the company, acknowledging his efforts in enhancing the financial crimes compliance organization and making the crypto industry a safer space. Before joining Binance in 2021, Gambaryan had garnered a reputation as a distinguished crypto crimes investigator for the US government, earning the moniker “Crypto Wizard” for his expertise in tracing illicit blockchain transactions.
During his tenure at Binance, Gambaryan focused on bolstering the company’s anti-money laundering protocols and collaborating with global law enforcement agencies on asset seizures amidst heightened regulatory scrutiny of major exchanges. His departure coincides with Binance’s ongoing efforts to resolve legal challenges in the US.
Recently, the US Securities and Exchange Commission filed a joint motion with Binance to stay its case in federal court. The SEC had sued Binance in June 2023, accusing the exchange and co-founder Changpeng Zhao of mishandling customer funds and breaching securities laws. In November 2023, Binance and Zhao pleaded guilty to separate charges and agreed to pay $4.3 billion in penalties. Zhao, who was fined $50 million, stepped down as CEO and served a four-month sentence in a US prison.
In a related development, Zhao confirmed in May that he had formally applied for a presidential pardon, following initial denials of such reports. Zhao’s legal team submitted the pardon request in response to media speculation, as highlighted in articles from Bloomberg and The Wall Street Journal. Despite his legal troubles, Zhao has transitioned to providing international advisory services, offering counsel to governments in Pakistan and Kyrgyzstan on crypto regulation and blockchain integration.
The departure of Gambaryan from Binance marks the end of a tumultuous chapter for the exchange, as it navigates through legal challenges and regulatory scrutiny in various jurisdictions. His dedication to compliance and law enforcement efforts has left a lasting impact on the crypto industry, positioning Binance for continued growth and innovation in the evolving digital landscape.