US authorities push to free Binance executive from Nigeria
Binance financial crime suspect Tigran Gambarian has been stuck in a Nigerian prison since February 2024. The visit, which was meant to address concerns about Binance's involvement in Nigerian economic affairs, turned into something more serious. Gambarian was originally charged with tax evasion and money laundering, although the tax charges were later dropped. Now, the African country and Binance have dragged him into battle, leaving his future uncertain.
Why the Gambia's arrest is troubling.
The Gambian's health has deteriorated dramatically since his arrest. He contracted malaria, pneumonia and tonsillitis. On top of that, he suffers from a herniated disc that required surgery—a surgery he couldn't get in prison. Confined to a wheelchair, the Binance executive was denied proper medical attention for months. The lawyers have made several requests for bail, indicating that the situation is deteriorating, but the Nigerian courts continue to reject them.
The situation prompted the United States attorney general, led by Utah Sen. Reyes, to take action. They sent a letter to President Joe Biden and Secretary of State Anthony Blinken urging them to declare the Gambian a hostage situation. The letter tragically parallels the treatment of American student Otto Warmbier, who was imprisoned in North Korea and died tragically.
What is really going on?
Gambarian's arrest stems from allegations that Binance is rigging Nigeria's local currency. As Nigeria's economy has struggled for some time—mainly due to corruption and poor governance—officials have pointed to Binance in search of someone to blame. Gambarian, along with another Binance executive, became convenient targets. But many, including US lawmakers and humanitarian groups, argue that his detention is unjustified. The accusations against him seem like an excuse to hold him as an exploit on Binance.
The legal team, led by attorney Mark Mordy, has been fighting tirelessly to secure his release. In September, the court delayed the bail decision, and a new application was submitted, this time emphasizing the need for urgent medical care. But so far all efforts have come to an end.
What is expected next?
Gambarian's trial will continue on October 25, but it is difficult to predict the outcome due to his deteriorating health and the lack of an independent medical examination. The U.S. government has remained largely silent, but there are signs that quiet diplomatic efforts may be taking place behind the scenes. As pressure mounts on both Nigeria and the White House, all eyes are on how this will play out.
The next few weeks could be critical in determining the Gambian's fate, and whether or not the US government will continue its efforts to secure his release.
