In a shocking plot twist, reports have claimed that Nigerian President Bola Tinubu freed the executive of Binance, Tigran Gambaryan, in exchange for a meeting with U.S. President Joe Biden. Gambaryan, a former U.S. federal agent hailed as a crypto case hero, was arrested in early 2024 in Nigeria on money laundering and tax evasion charges. He and Binance have denied the charges time and again.
A detailed report by Wired asserts that Gambaryan was detained after he visited Nigeria to try and sort out some problems with Binance’s operations there. Upon arrival, he was met with a request for a $150 million bribe. He refused to pay the bribe, after which he was arrested and detained in terrible conditions, which seriously affected his health. Even as U.S. diplomats and lawmakers urged his release, Gambaryan remained in custody for almost eight months.
The situation became diplomatic when Jake Sullivan, U.S. National Security Adviser personally contacted and appealed to Nuhu Ribadu, Nigeria’s National Security Adviser, for the CEO’s release. Even though this high-level intervention highlighted the potential impact of the case on bilateral relations Gambaryan wasn’t released. Wired also reported that U.S. officials stated that Gambaryan’s continued detention could block any prospective meetings between Presidents Biden and Tinubu, particularly at the United Nations General Assembly.
However, the Nigerian government withdrew the charges over health issues to avoid diplomatic embarrassment in October 2024. Abuja Federal High Court ruled that Gamaryan should be freed to go for treatment outside of the country. After his release, President Biden appreciated President Tinubu for making the utmost effort to ensure Gambaryan was free. The White House issued a statement, highlighting that President Biden had called President Tinubu and “extended his appreciation for President Tinubu’s leadership in securing the release on humanitarian grounds of American citizen and former U.S. law enforcement official Tigran Gambaryan.”
Apart from resolving the long-standing legal issue, Gambaryan’s release cleared the path for extensive bilateral discussions between Nigeria and the United States, even if the specifics of the negotiations that resulted in his release are confidential.
Binance on the other hand, remains under investigation in Nigeria with active investigations of its activities still ongoing. The company has reaffirmed its commitment to compliance with regulations and cooperation with authorities. Gambaryan, after receiving medical treatment, has expressed intentions to pursue a human rights lawsuit against the Nigerian government, citing his unlawful detention and the conditions he faced during his imprisonment.
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