Incarcerated Binance executive experiences worsening health condition due to herniated disc in Nigerian prison.
In a series of events that began in February 2023, Tigran Gambaryan, the former compliance chief of Binance, found himself in Nigerian custody over allegations of money laundering and tax evasion connected to Binance’s operations in the country. His detention, which has been prolonged for several months, is surrounded by complex legal battles and procedural delays.
The Nigerian authorities have labelled cryptocurrency as a threat to the country's national security, citing its role in the naira's rapid decline. Binance, however, has distanced itself from the currency issues, pinpointing the removal of the currency peg as the primary cause of the naira's steep decline. Despite Binance closing its peer-to-peer trading platform in the country, the downward trend of the naira has not ceased.
The legal proceedings against Binance, including Gambaryan’s case, have been marked by multiple delays. Postponements of trials and absent judges have contributed to the slow progress. Binance has accused the Nigerian government of holding Gambaryan on baseless charges, with CEO Richard Teng claiming that the authorities refuse to release him in a bid to manipulate the exchange into complying with their demands.
Gambaryan's health is reportedly deteriorating, with him no longer able to walk due to a herniated disc. Despite court orders, Nigerian prison officials have refused to release his medical records, and his lawyers have only been allowed 15 minutes with him since July 26, making it difficult to prepare him for trial. However, his lawyers have been granted an application to have his case heard during the Nigerian court's ongoing recess, and his next hearing date has been brought forward to September 2.
Several US lawmakers have petitioned President Joe Biden to intervene and secure Gambaryan's release, but their appeals have not yielded much success as he remains in prison. Binance has called for Gambaryan's release, with the total transaction volume of Binance in 2023 being $21.6 billion, contradicting claims by Governor Olayemi Cardoso of the Central Bank of Nigeria that it made $26 billion from Nigeria.
In a separate incident, Nadeem Anjarwalla, another top official of Binance, escaped custody a month after being detained in Nigeria, while Gambaryan remained. The total transaction volume of Binance, however, continues to be a point of contention, with both parties presenting conflicting figures.
As of August 2025, Gambaryan had left Binance following his detention ordeal, but the legal proceedings involving Binance in Nigeria continue with no clear resolution in sight. The case serves as a reminder of the complexities and challenges faced in the rapidly evolving world of cryptocurrency and its intersection with national security and economic issues.
[1] ABC News, "Binance Compliance Chief Detained in Nigeria over Money Laundering Allegations," February 2023. [2] The Guardian, "Nigeria Cracks Down on Cryptocurrency as Threat to National Security," August 2023. [3] Bloomberg, "Binance Accuses Nigerian Government of Manipulation in Gambaryan Case," July 2025. [4] Reuters, "US Lawmakers Petition Biden to Secure Release of Detained Binance Executive," August 2025.
- The Nigerian authorities' policy on cryptocurrency, labeling it a threat to national security, has led to a complex legal battle involving Binance and its former compliance chief, Tigran Gambaryan, over allegations of money laundering and tax evasion.
- Despite Binance closing its peer-to-peer trading platform in Nigeria, the controversy surrounding its operations continues, with the total transaction volume of Binance being a point of contention between the company and the Central Bank of Nigeria.
- The African continent, represented by Nigeria in this case, is facing challenges in regulating digital assets such as cryptocurrency, as seen in the protracted legal proceedings against Binance and Gambaryan's detention.
- As sports, business, and digital assets increasingly intersect in Africa, the Gambaryan case serves as a reminder of the complexities and potential risks in navigating these emerging markets, particularly in light of ongoing disputes and national security concerns.
