Binance has renewed its plea for Nigerian authorities to release Tigran Gambaryan, a company executive detained since February 2024. On Monday, a video surfaced showing the US citizen being denied the use of a wheelchair by prison officials, visibly distressed and expressing frustration over his treatment.
“We are extremely distressed by the video of Tigran in court yesterday. This video is just a snapshot of Tigran’s current reality. His health is rapidly declining, and we are deeply concerned about the long-term consequences of this unjust detention,” a Binance spokesperson stated on Tuesday.
“Nigeria does not need to keep Tigran in order for us to settle any alleged past issues. We continue to implore the Government of Nigeria to let Tigran return home and let us continue in our engagements.”
Gambaryan, a US citizen held in Kuje prison, faces money laundering charges filed by the Economic and Financial Crimes Commission (EFCC) alongside Binance, which the company denies.
His lawyers have filed a new bail application, citing his deteriorating health condition, but the EFCC counsel opposed the application based on his medical records. The court will rule on the bail application on September 4.
Gambaryan’s detention and that of his colleague Najeem Arjawalla are part of the Nigerian government’s crackdown on cryptocurrency despite the Central Bank lifting a three-year ban on crypto-related banking transactions.
Gambaryan’s continued detention has raised serious questions about Nigeria’s stance on crypto. Months after authorities blamed Binance for currency volatility, the naira has sharply fallen while the Binance executive remains in detention. In June, two US lawmakers called for his immediate release after visiting him in Kuje prison, increasing political pressure surrounding his trial in Nigeria.
Sixteen American lawmakers have accused Nigerian authorities of holding the American citizen hostage. On June 6, Axios reported that a group of former prosecutors and federal agents wrote to US Secretary of State Anthony Blinken, urging him to “step up” efforts to secure Gambaryan’s release.