According to a statement released by the White House yesterday, President Biden expressed gratitude to Nigerian President Bola Tinubu for the humanitarian consideration in releasing Binance executive Tigran Gambaryan and affirmed the cooperation between the two sides in the areas of illegal finance and cryptocurrency. Gambaryan had been detained for eight months, and U.S. lawmakers had previously urged Biden in a letter to take immediate action for his rescue.
(Background:
Nigerian court postpones trial of Binance executives to May 17; Binance CEO: cooperating with authorities to resolve the stalemate)
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Biden thanks Nigerian President for releasing Binance executive
Detained for eight months, repeatedly denied bail
Twelve U.S. politicians write to Biden
Released at the end of October
In February, the Nigerian government
cracked down
on major exchanges, specifically targeting Binance, accusing it of manipulating exchange rates, tax evasion, and money laundering, and forcibly detained two Binance executives who were negotiating with authorities in Nigeria.
One of the detained Binance executives, Nadeem Anjarwalla, had escaped in March, but another executive, Tigran Gambaryan, was not released until October 23, when he could seek treatment in the United States.
Nigerian President releases Binance executives
In this regard, U.S. President Biden expressed gratitude to Nigeria for the humanitarian release of Gambaryan. According to the statement released by the White House, Biden spoke with Nigerian President Bola Tinubu yesterday (29th), noting in the statement:
Additionally, the two leaders discussed cooperation between the U.S. and Nigeria in addressing global challenges and promoting security and prosperity. Biden specifically acknowledged the collaborative efforts in law enforcement between the two countries, including the recent establishment of a bilateral contact group on illegal finance and cryptocurrency, as well as cooperation in innovative technologies and reforms of international organizations to reflect African voices.
Gambaryan is the head of financial crime compliance at Binance and previously served as an IRS agent. During his detention amid the investigation into Binance, Binance CEO Richard Teng published an article in May stating that Gambaryan was not a decision-maker or negotiator for the company; he only served as a functional expert in discussions on financial crime and policy, hoping that Nigerian authorities would release Gambaryan. However, Nigerian authorities repeatedly pushed for hearings and denied his bail, claiming he posed a flight risk.
Gambaryan was held in Nigeria’s notorious Kuje prison, known for its harsh conditions. During his detention, Gambaryan was found to have various medical issues, including pneumonia, malaria, and spinal problems, and a court order to send him to a private hospital for treatment had not been executed.
At one hearing, when the judge called Gambaryan forward, he was unable to stand on his own, and his eventual collapse brought international media attention, as well as outrage from American citizens and government officials. Richard Teng commented on this:
Furthermore, in early June, twelve U.S. lawmakers (including members of the House Foreign Affairs Committee) wrote to President Biden, Secretary of State Antony Blinken, and Special Presidential Envoy for Hostage Affairs Roger D. Carstens, emphasizing that Gambaryan was still being “improperly detained” by the Nigerian government and immediate action must be taken to prevent the situation from worsening. The letter stated:
This letter was primarily signed by lawmakers, pointing out that Gambaryan was accused of multiple “baseless” charges, including money laundering and tax evasion, which were seen as a means for Nigerian authorities to extort Binance.
Ultimately, following months of behind-the-scenes diplomatic negotiations between the U.S. and Nigeria, and strong public calls within the U.S. for his release, Nigerian authorities dropped the tax evasion charges against Anjarwalla and Gambaryan in June, and in October withdrew the money laundering charges, allowing Gambaryan to travel to the U.S. for treatment.
The reason for Nigeria’s withdrawal of charges is that Gambaryan’s responsibilities at Binance were limited and did not involve the large-scale financial activities being investigated by authorities regarding Binance.
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