Binance CEO Calls for US Intervention Days Ahead of Exec’s Trial in Nigeria

Binance CEO Richard Teng on Tuesday highlighted the company’s track record of resolving regulatory issues globally without implicating employees, as its executive Tigran Gambaryan entered his sixth month of detention, with his health reportedly deteriorating rapidly.

Gambaryan, who heads financial crime compliance for Binance, has been detained since February 28 alongside the exchange’s regional head for Africa, Nadeem Anjarwalla. The arrests were made on the order of the silent but hawkish national security adviser, Nuhu Ribadu, a retired policeman and former head of the country’s anti-corruption agency.

The country’s Economic and Financial Crimes Commission (EFCC) accused both men and Binance of carrying out “specialised business of other financial institutions without valid license.”

Now, as Gambaryan’s trial is scheduled to commence on September 2, according to a report from Reuters.

In his post, Teng listed the different countries where Binance has resolved disputes over regulatory violations without employees being detained.

“We have settled issues in countries around the world, including the US, Thailand, and most recently in Brazil and India, in a reasonable, collaborative, and amicable manner with governments,” Teng wrote in a new blog post, “All these were done without threat or harm inflicted on our employees.”

Earlier this month, Binance reached a settlement with Brazilian authorities, resolving a long-standing investigation into the exchange’s operations in the country. Similarly, the company earlier this month got the nod to continue its services in India.

Teng also addressed allegations linking Binance to Nigeria’s economic issues, particularly the decline of the Naira. He refuted claims that the exchange was responsible for the currency’s depreciation, citing macroeconomic factors and government decisions as the primary drivers of the Naira’s value fluctuations.

“The end of the Naira’s currency peg by the government in June 2023 caused the biggest fall in Naira’s history according to experts,” Teng said. “It went from USD1:460 in June 2023 to USD1:900 by the end of 2023. The downward trend continued since.”

The Binance CEO called for U.S. intervention and global advocacy to secure Gambaryan’s release on humanitarian grounds. He urged the U.S. government to designate Gambaryan as an “unlawfully detained” citizen overseas, emphasizing the need for political pressure to address the situation.

His wife, Yuki, made a public plea for his release. She said in a statement shared with Decrypt that between bouts of malaria, pneumonia, and the mental toll of his detention, Tigran is reaching a breaking point and that he needs immediate medical treatment or risks permanent damage.

“For 6 months, our living nightmare has been filled with pleas. Pleas to the U.S. government, pleas to the Nigerian government, pleas to the media, pleas to anyone who will listen,” Yuki Gambaryan said through a family spokesperson. “I am pleading for their mercy, for their understanding, for their humanity. My husband is innocent and needs to be released before it is too late and the damage done to him is irreversible.”

Edited by Stacy Elliott.