Binance CEO Richard Teng expressed gratitude to all parties involved in securing the release of Tigran Gambaryan, Binance's head of financial crime compliance, from Nigeria. Gambaryan had been detained since February. Teng shared his statement in an October 24 post on X.
"We are deeply relieved and grateful that Tigran Gambaryan has finally been released after enduring nearly eight months of detention in Nigeria," said Teng. "Throughout this difficult period, Tigran has shown immense strength, and we commend his resilience in the face of such severe adversity. We are deeply thankful to everyone who dedicated countless hours to support Tigran's release. Tigran's health and well-being remain our top priority, and we are thankful he can now receive the medical care and rest he so urgently needs alongside his family."
According to the New York Times, Gambaryan's health deteriorated significantly while he was held in a Nigerian prison on money laundering charges. Prior to joining Binance, Gambaryan served as a special agent for the Internal Revenue Service-Criminal Investigations (IRS-CI). During his detention, he suffered from malaria, double pneumonia, and a herniated disc that impaired his ability to walk. After months of diplomatic and international pressure, the Nigerian government dropped the charges against him. On October 24, Gambaryan returned to the U.S. on a plane equipped with medical supplies. His imprisonment had strained U.S.-Nigeria relations; however, with his release, the U.S. has pledged to strengthen its partnership with Nigeria.
Teng said that Binance "remains committed to collaborating with global regulators to ensure compliance and transparency in the evolving digital asset space." He added that Nigeria has a "young, tech-savvy population" and that Binance looks forward "to playing a constructive role" in helping Nigeria leverage blockchain technology to address economic challenges.
Federal Newswire reported that Nigeria initially detained Gambaryan over allegations that cryptocurrency—specifically Binance—was contributing to the devaluation of the naira. The naira's money supply reached an all-time high in December amid rising inflation. Economist Steve Hanke told Federal Newswire that "the Nigerian government's claim that the collapse of the naira has been caused by crypto speculation is misguided and incorrect." He attributed the naira's decline to its money supply growth rate of 76.4% per year and noted that inflation surged to 29.9% annually.
Gambaryan joined Binance in 2021 as vice president of Global Intelligence and Investigations. Before this role, he spent ten years as a special agent at IRS-CI Cyber Crimes Unit in Washington, D.C., leading several significant cyber investigations including those into AlphaBay and Mt. Gox hack.
Teng became part of Binance in August 2021 after serving as CEO of Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), chief regulatory officer at Singapore Exchange (SGX), and director of corporate finance at Monetary Authority of Singapore.