Richard Teng, CEO of Binance, has revealed that former US federal agent and Binance employee, Tigran Gambaryan, has been detained in Nigeria for over six months.
Gambaryan’s physical and mental health has reportedly deteriorated rapidly during this time, with Nigerian authorities refusing to provide him with necessary medical care or legal advice. The incident has raised concerns on humanitarian grounds, prompting Binance to call on the United States to intervene and pressure the Nigerian government to release Gambaryan.
Denied Medical Attention in Nigeria
Gambaryan, who has a herniated disc and is unable to walk, claims in a blog post from Binance that he has been refused access to even the most basic medical care, including a wheelchair. Although Gambaryan’s trial is scheduled to start on September 2, the company claims that his attorney has also been denied access to him.
Binance further asserts that despite a court ruling in Nigeria for the government to make Gambaryan’s medical records public, the government has not yet complied. Concerns for his safety have increased after he was most recently prevented from seeing the representative of the US consulate.
Teng begged the Nigerian government to permit Gambaryan’s humanitarian return to the United States, voicing grave concerns about the long-term effects on his health. He underlined that Gambaryan, a patriotic American, ought not to endure such unfair treatment.
Why was Gambaryan Detained?
Binance also discussed the justifications given by the Nigerian government for Gambaryan’s detention in a blog post. The prosecution has stated that Gambaryan is the only real connection they have to Binance because the company runs digitally. They went on to say that because Gambaryan poses a risk of leaving the nation, he shouldn’t be granted bail.
However, Binance disputed these claims, asserting that there is no basis for detaining an innocent worker and that they have routinely settled legal disputes with governments worldwide, including those in the US, Thailand, Brazil, and India, without endangering or threatening their staff members.
The Nigerian government’s assertion that Binance is to blame for the depreciation of the Naira, the country’s currency, has also been a source of debate. Since the government decided to remove the currency peg in June 2023, the Naira has undergone a considerable devaluation.
Months before the sharpest collapse in the value of the Naira, in February 2024, the exchange reportedly stopped offering peer-to-peer (P2P) services in Nigeria, according to Binance. The corporation contended that its operations were not the cause of the devaluation, but rather larger macroeconomic causes.
Did Binance make $26B in Revenue in Nigeria?
Claims of Binance’s financial participation in Nigeria were also refuted. According to the Nigerian government, Binance brought in $26 billion from the nation in 2023. Binance noted, nevertheless, that the $21.6 billion figure represented the overall amount of transactions rather than income.
The total value of trades done by customers on the platform is referred to as transaction volume. However, Binance’s real source of income is tiny transaction fees, which Teng highlighted are some of the lowest in the international exchange market.
Teng’s appeal was directed towards the US government, requesting that it list Gambaryan as one of its “illegally detained” nationals abroad. He conveyed his optimism that political pressure may be applied to bring Gambaryan home and enable him to get the critical medical care he requires.
Binance Calls In For International Opinions
Binance also urged the whole community to express their worries, claiming that Gambaryan’s imprisonment will jeopardise Nigeria’s chances for global investment and economic growth.
The company is still dedicated to finding a solution and looks forward to working with the Nigerian government in the future to encourage the development of the Web3 sector and draw foreign investment to the nation.
While Gambaryan and his family continue to await a result, the issue has drawn increasing attention from around the world. In addition to highlighting the detrimental effects that Gambaryan’s continued confinement is having on his physical and mental health, Binance’s urgent call for humanitarian assistance raises concerns about what will happen to US-Nigerian relations in the event that the situation is not handled.