Charges in Nigeria Against Binance’s Tigran Gambaryan

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by Giorgi Kostiuk

a year ago

Binance's compliance VP, Tigran Gambaryan, publicly discussed his detention in Nigeria, describing it as politically motivated. He claimed charges were a cover to pressure Binance.

Detention in Nigeria

On February 26, 2024, Tigran Gambaryan and Binance colleague Nadeem Anjarwalla arrived in Abuja to discuss regulatory issues with Nigerian authorities. Both were detained, and Gambaryan was sent to Kuje prison where his health declined. His family reported he suffered from pneumonia, malaria, and a herniated disc. He was held without bail, pleading not guilty to all charges.

Consequences and Binance's Reaction

In March 2024, Binance ceased its operations in Nigeria, and Gambaryan returned to the U.S. in October. He expressed hope that those responsible would face justice. Despite halting operations, Binance continues to work with Nigeria's Federal Inland Revenue Service to address potential tax liabilities.

Nigeria's Response and Legal Actions

Nigeria's Ministry of Information dismissed Gambaryan's claims as baseless. Nigeria filed a lawsuit against Binance, demanding $79.5 billion in economic damages and $2 billion in unpaid taxes. Charges were made against Binance for destabilizing the naira through speculation on its platform.

The conflict between Binance and Nigerian authorities has escalated to an international level, leaving the company to navigate legal challenges from the allegations.

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