Tigran Gambaryan Freed: Part 2 of the Binance-Nigeria Saga

?? Unpack this week’s edition of Ctrl + Alt + Comply – your dose of news in the tech and compliance landscape. Happy reading!

Just over four months ago, we released an edition of Ctrl + Alt + Comply that covered the shocking arrest of Tigran Gambaryan, Binance ’s Head of Financial Crime Compliance. At the time, Gambaryan had been detained in Nigeria for more than 3 months, with many arguing that he was caught up in a larger political struggle, serving as a scapegoat amidst Nigeria’s broader corruption and regulatory challenges. It’s been months of international diplomatic pressure and concern over his deteriorating health, which played a critical role in the campaign for his freedom.

So, for our special 20th edition of Ctrl + Alt + Comply, we’ll be talking about the much-awaited release of Tigran Gambaryan, now that Nigerian authorities have finally dropped money laundering charges against the Binance executive.?

Quick Recap: The Initial Arrest?

Gambaryan was detained in Nigeria in February 2024 on charges related to money laundering and tax evasion. Specifically, on April the 5th, he was charged with laundering over $35 million, with his application for bail being denied the following month. His arrest drew significant international attention, especially with his health deteriorating during his detention, including bouts of malaria and severe complications from a herniated disk.?

Despite Gambaryan's limited decision-making role at Binance, Nigerian authorities pursued the case, which many saw as politically charged due to Nigeria's broader concerns about Binance’s operations in the country. Efforts to secure his release intensified to the point that U.S. lawmakers and crypto industry leaders advocated for his freedom on humanitarian grounds.?

All of these tensions resulted in U.S. diplomats raising the issue in discussions with Nigerian officials, as well as a group of attorneys general calling for him to be treated under hostage status, given the prolonged detention without resolution. In conjunction with his rapidly deteriorating health, people around the world have been hoping for Gambaryan’s release from custody in Nigeria – a wish that has finally come to fruition.?

Gambaryan’s Return Home

Months of diplomatic negotiations between Nigerian and U.S. officials have finally resulted in the release of Gambaryan on humanitarian grounds. He is currently en route to the U.S. to receive necessary medical attention. According to a Nigerian Economic and Financial Crimes Commission prosecutor,

"The government has reviewed the case and, taken into consideration that the second defendant (Mr. Gambaryan) is an employee of the first defendant (Binance Holdings Limited), whose status in the matter has more impact than the second defendant's, and also taking into consideration some critical international and diplomatic reasons, the state seeks to discontinue the case against the second defendant."

Nigeria’s government attorney stated that the money laundering case against Binance would proceed without Gambaryan’s involvement. Additionally, separate charges related to tax evasion against Binance remain active – with the world’s largest cryptocurrency exchange denying all charges.?

Final Thoughts: A Sigh of Relief From the Compliance Community?

It’s been an incredibly tumultuous period, with an inundation of support for Gambaryan ever since he was detained several months ago. His release has brought a global sigh of relief from those in the crypto community as well as compliance professionals.?

In the previous edition of Ctrl + Alt + Comply where we discussed this case, we hoped for a part 2; this time around, we hope that this is the final chapter that brings closure for all of those involved.

Compliantly Yours,?

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