After enduring eight grueling months in Nigerian custody, Tigran Gambaryan, Binance‘s head of financial crime compliance, finally tasted freedom on October 24, 2024. The Armenian-American executive, a former IRS criminal investigator with extensive law enforcement experience, found himself at the center of a diplomatic chess match that would test international relations and cryptocurrency policy.
Freedom after eight months in Nigerian custody—a diplomatic chess match testing international relations and cryptocurrency boundaries.
Gambaryan’s ordeal began in February 2024 during what should have been a routine business trip to Nigeria. Instead, he was arrested on tax evasion and money laundering charges, held in a government “safe house” and later transferred to the notorious Kuje prison. For two months, he was denied access to attorneys while his health deteriorated dramatically—contracting both malaria and pneumonia. His medical condition worsened as he also suffered from a herniated disc during captivity.
Behind the scenes, the detention appeared linked to a high-stakes dispute between Nigeria and Binance. Nigerian officials had reportedly demanded a $150 million cryptocurrency bribe in 2023, along with access to all Binance user data and the disabling of peer-to-peer trading features. When these demands weren’t met, Gambaryan fundamentally became leverage—a human bargaining chip in a corporate standoff.
The case mobilized an impressive coalition of supporters. U.S. government officials including the FBI director, State Department, and White House became involved, while law firms Arnold & Porter and Winston & Strawn provided legal counsel. The cryptocurrency community rallied with awareness campaigns that put international pressure on Nigerian authorities.
The breakthrough came when Nigeria agreed to release Gambaryan for urgent medical treatment abroad. Following his release, Binance arranged a private plane to transport him to Rome, from where he returned to the United States via commercial flight. All charges were dropped by a Nigerian court, allowing him to return to the United States—though not before Binance agreed to disable its Nigerian peer-to-peer trading feature.
This eight-month saga has left lasting implications for the cryptocurrency industry. It highlighted the potential risks executives face when operating in certain jurisdictions and raised serious questions about cryptocurrency regulations globally. The case exemplifies how regulatory uncertainty can create serious barriers to cryptocurrency innovation and corporate operations across borders.
For Gambaryan, who has expressed a desire for justice since his release, the ordeal may influence his future role in U.S. crypto regulation.
