Binance Denies Decision-Making Power Of Detained Executive In Nigeria Amid Mounting Charges

Binance, one of the world’s largest cryptocurrency exchanges, is entangled in a complex situation in Nigeria. With no resolution in sight, the exchange has finally issued an official statement regarding its detained executive, Tigran Gambaryan, who faces money laundering charges after five weeks in custody. 

As the Nigerian government introduces additional charges against Binance, the exchange strives to dialogue with local regulators. 

Binance Defends Detained Executive

According to Binance’s official statement, Tigran Gambaryan, the detained executive, is portrayed as a former law enforcement professional not part of the exchange’s management. Although he left the official service of the US government, Gambaryan has continued to operate as a global advocate for good governance and transparent regulatory financial practices, the statement claims. 

Binance asserts that Gambaryan has no decision-making power within the company and respectfully requests that he not be held responsible. At the same time, discussions between Binance and Nigerian government officials are ongoing. The exchange further noted:

Tigran is so well known as the world’s preeminent cyber crimes investigator that a book, Tracer’s in the Dark, was written about his efforts to bring down some of history’s most notorious cyber criminals. 

Binance reveals that Gambaryan was hired in 2021 to assist the exchange in addressing past compliance issues. As the head of Binance’s Financial Crime Compliance (FCC) team, the exchange highlights that he has played a “crucial role” in developing policies and compliance capabilities aimed at setting “new industry standards.” 

The company also notes Gambaryan’s track record, stating that his FCC team has assisted global law enforcement in freezing and seizing over $2.2 billion worth of assets. Notably, they allegedly collaborated with US agencies such as the FBI, DOJ, DEA, and others, recovering more than $285 million. 

Before joining Binance, Gambaryan reportedly served as a US Federal Agent, leading high-profile investigations involving national security, terrorism financing, identity theft, child pornography, tax evasion, and bank secrecy act violations.

Nigeria Intensifies Legal Pressure

Despite Binance’s efforts to dialogue with Nigerian regulators, the situation has become more complicated. The Wall Street Journal reported that Nigeria has introduced additional charges against Binance, further escalating the legal challenges faced by the exchange. 

Meanwhile, Anjarwalla, another executive implicated in the case, managed to escape the country using a fake passport in March, as previously reported by Bitcoinist. 

The exchange’s efforts to establish a dialogue with Nigerian regulators have been met with additional charges. At the same time, the reported escape of another co-accused executive adds another layer of complexity to the situation. As the legal battle unfolds, Binance’s future in Nigeria remains uncertain.

Binance
The daily chart shows BNB’s price uptrend over the past 30 days. Source: BNBUSD on TradingView.com

Binance Coin (BNB), the exchange’s native token, has maintained a sideways trading pattern above the $556 level in the last 24 hours. This comes after a 32% price increase observed over the past month.

Featured image from Shutterstock, chart from TradingView.com 

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