2024-04-08
Tigran Gambaryan, a senior executive at Binance, finds himself trapped in a dire situation in Nigeria, one that has only worsened over time.
Initially, Gambaryan was held in a government guest house for five weeks, but he has now been transferred to a jail managed by Nigeria's anti-corruption agency.
The motive behind this transfer was to prevent him from escaping custody after his colleague, Nadeem Anjarwalla, successfully eluded guards and fled the country on March 22.
Gambaryan, who is facing charges of money laundering and tax violations alongside Binance, appeared in court recently, appearing visibly worn-out and despondent.
However, due to procedural errors, his arraignment has been delayed until April 19. In the meantime, he will be held in the basement of the Economic and Financial Crimes Commission's head office in Abuja, the capital city of Nigeria.
The conditions in this facility are far from ideal, with four-person cells equipped with camp beds, many lacking sheets. There is a modest clinic available for emergency care, but the overall environment is far from suitable.
Despite the unfavorable circumstances, some effort has been made to ensure Gambaryan's comfort. According to an official, he has been provided with fresh sheets and a shower stall, although it is meant to be communal.
In contrast, during his stay at the government guest house, Gambaryan enjoyed the presence of a housekeeper and had freshly made smoothies each morning. He also had limited access to his phone, allowing him to communicate with his family, albeit under guard.
This entire crisis, which began in February, has turned Gambaryan into a pawn in the power struggle between Binance, the world's leading cryptocurrency exchange, and the leaders of Nigeria, Africa's most populous nation. Notably, Gambaryan serves as the head of Binance's financial crime compliance unit, a role that does not entail decision-making authority in the exchange's global operations.
Binance has remained silent on the recent developments in Gambaryan's case, as the company's spokesperson failed to respond to requests for comments.
Moreover, a separate spokesperson asked that Gambaryan be identified as merely an employee at the crypto exchange rather than by his formal senior executive title.
Tigran Gambaryan linkedin Profile
Weeks ago, Gambaryan was compelled to surrender his US passport when state security officials apprehended him and Anjarwalla upon their arrival in Nigeria to address the government's complaints regarding Binance's operations.
While Anjarwalla, a British lawyer, managed to escape Nigeria with a concealed passport, Gambaryan was not as fortunate. The guards responsible for watching over Anjarwalla were interrogated regarding his escape. Both men were detained under the orders of Nuhu Ribadu, Nigeria's national security adviser. The Economic and Financial Crimes Commission (EFCC) is now leading an extensive investigation into whether Binance facilitated illicit funding and currency manipulation. This probe was instigated by allegations made by various Nigerian officials, including the central bank governor and the country's economic team, claiming that Binance allowed speculators on its platform to devalue the naira.
The recent transfer of Gambaryan to a different facility can be seen as a deliberate escalation by the Nigerian government, aimed at pressuring Binance for a response. If the case proceeds to trial, authorities may further transfer Gambaryan to a federal detention center.
