Binance Executive’s Detention in Nigeria: A Case of Extortion or Justice?

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Binance Executive's Detention in Nigeria: A Case of Extortion or Justice?
  • US Reps. McCormick and Hill push for Tigran Gambaryan’s extradition.
  • Hill cites Gambaryan’s deteriorating health and urges swift action.
  • Gambaryan’s wife, Yuki, launched a petition for the extradition.

Two U.S. Representatives, Rich McCormick and French Hill, have introduced a resolution to the House Committee on Foreign Affairs, urging lawmakers to designate the detention of a Binance executive in Nigeria as a hostage situation.

The resolution follows Representative Hill’s visit to the detained executive, Tigran Gambaryan, in prison on June 20. In a July 10 statement, Reps. McCormick and Hill called Gambaryan’s detention since February “wrongful,” claiming it was intended to extort the cryptocurrency exchange.

Hill raised concerns about Gambaryan’s deteriorating health condition, which he said has been inadequately addressed during his detention in Kuje Prison. McCormick went further, urging the U.S. government to declare Gambaryan’s situation a hostage crisis if the case is not resolved soon. Rep. McCormick stated:

“Tigran’s detainment has been ongoing since February of 2024, the court typically takes a recess from mid-July to September. If Tigran’s case is not resolved by mid-July, he may remain in detention for an even longer undue period of time.”

This filing comes after 16 members of Congress sent a letter to the White House, asking the government to address Gambaryan’s “unlawful detention.” “Immediate action is essential to ensure his safety and preserve his life. We must act swiftly before it is too late,” the letter stated.

Gambaryan, Binance’s head of financial crime compliance, and another Binance employee, Nadeem Anjarwalla, were detained and charged by the Nigerian government in February for alleged money laundering. Anjarwalla escaped custody in March but was reportedly captured in Kenya.

Last month, Nigeria’s tax agency dropped tax charges against the Binance employees, but the exchange has yet to resolve the money laundering charge filed by the Economic and Financial Crimes Commission.

Gambaryan’s family reported that he is facing health issues, including pneumonia, malaria, and body aches, which require immediate attention. Gambaryan’s wife, Yuki, has launched a petition for the extradition of the Binance executive, which had close to 5,000 signatures at press time.

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