Binance’s CEO, Richard Teng, has revealed that his team is tirelessly working to bring Tigran Gambaryan back to the United States as the executive’s health continues to deteriorate. “There’s no reason for our staff to be held. He is being detained unjustly and unfairly,” Teng stated during an interview with Cointelegraph at the Token2049 conference in Singapore on September 19.
“This situation is distressing for all of us, particularly for the families involved. For us at Binance, this is a top priority. We have an internal task force working around the clock, exploring various avenues, from legal to political solutions,” Teng elaborated.
Teng expressed hope that the U.S. government would recognize Gambaryan as unlawfully detained, which could expedite the process of securing his release. He mentioned that Binance has also reached out to the Nigerian government, appealing for Gambaryan’s release on humanitarian grounds.
Since his imprisonment in Nigeria, Gambaryan has faced serious health issues, including malaria and two bouts of pneumonia. Teng noted that his health has deteriorated to the point where he collapsed during a court appearance in May.
Gambaryan, who serves as the head of financial crime compliance at the cryptocurrency exchange, traveled to Nigeria on February 26 after receiving an invitation from the Nigerian government to discuss compliance matters. However, following two meetings that began professionally but turned increasingly confrontational, Nigerian authorities detained him. Currently, Gambaryan is held in Kuje Prison, notorious for its harsh conditions.
Teng’s response to Gambaryan’s hearing video. Source: Richard Teng
In June, twelve U.S. politicians expressed their support for Gambaryan, urging President Joe Biden, Secretary of State Antony Blinken, and Presidential Envoy for Hostage Affairs Roger Carstens to prioritize his case. On September 18, Gambaryan’s mother, Knarik Gambaryan, also called on U.S. authorities to intensify their efforts.
These politicians believe that Gambaryan has been charged with several “baseless” offenses, including money laundering and tax evasion, which they argue is a tactic by Nigerian officials to extort Binance.
While Teng’s primary focus is on Gambaryan, he remains optimistic about Binance’s potential contributions to Nigeria’s economic future. According to a November 2023 CoinGecko report citing Statistica data, Binance is one of the leading cryptocurrency exchanges in Nigeria, handling approximately 32% of the country’s crypto transactions. Other popular platforms include Bybit, KuCoin, and NairaEx.
As of September 11, a report from Chainalysis indicated that Nigeria ranks second globally in cryptocurrency adoption.
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