In a year filled with dramatic crypto stories, one of the most intriguing tales was that of Tigran Gambaryan, a former IRS agent and Binance executive who found himself detained in Nigeria for eight long months on charges of money laundering. The unfolding saga, complete with daring escapes, courtroom collapses, and Congressional resolutions, played out like a Hollywood thriller—with real-life consequences for all involved.
Gambaryan, a U.S. citizen, joined Binance as the VP of Global Intelligence and Investigations in September 2021, bringing with him a wealth of experience from his time as a special agent with the IRS Cyber Crimes Unit. His investigations into national security, terrorism financing, and crypto-related crimes had prepared him for the challenges he would face at Binance. Little did he know that his own actions would come under scrutiny just a couple of years later.
In February 2024, Gambaryan and his colleague Nadeem Anjarwalla, Binance’s regional head for Africa, traveled to Nigeria for a meeting with government officials. The country was in the midst of a currency crisis and had shifted the blame to crypto trading platforms for currency manipulation. Nigeria demanded information from Binance about its top 100 users in the country, leading to a tense situation for the executives.
Despite their concerns, Gambaryan and Anjarwalla proceeded with the meeting, only to find themselves detained by Nigeria’s anti-corruption agency, the EFCC. While Anjarwalla managed to escape custody, Gambaryan was not as fortunate and ended up facing charges of tax evasion and money laundering. His time in a Nigerian prison, including a stint in the notorious Kuje prison, took a toll on his health and well-being.
Efforts to secure Gambaryan’s release ramped up as U.S. officials and lawmakers became involved in his case. Despite initial delays and apathy, a bipartisan delegation worked tirelessly to bring attention to Gambaryan’s plight and pressure the Nigerian government for his release. It wasn’t until late October that Nigeria dropped the charges against Gambaryan and authorized his release, marking the end of his harrowing ordeal.
As Gambaryan returned home, the underlying tensions between Binance and Nigerian officials remained unresolved. While Binance looked forward to playing a constructive role in Nigeria’s blockchain economy, the country vowed to continue pursuing charges against the exchange. The aftermath of Gambaryan’s detention serves as a reminder of the complexities and challenges faced in the world of crypto, where legal battles and international relations intersect in unexpected ways.