Cryptocurrency exchange Binance has appealed to Nigerian authorities, requesting that its Vice President for Global Intelligence and Investigations, Tigran Gambaryan, not be held accountable.
Representatives of the platform stated that the detained executive does not have decision-making authority within the company. Meanwhile, the exchange continues negotiations with the Nigerian government.
Binance highlighted Gambaryan’s decade-long experience as a special agent with the US IRS, where he led investigations into the darknet marketplace Silk Road, and exchanges BTC-e and Mt. Gox.
In September 2021, Gambaryan joined Binance. With his involvement in 2022 and 2023, the exchange assisted law enforcement agencies worldwide in freezing and confiscating assets worth over $2.2 billion.
He responded to more than 600 information requests from Nigerian law enforcement or related local investigations. The information provided helped uncover “numerous crimes,” including money laundering and kidnappings, and led to the blocking of over $400,000.
Binance emphasized that Gambaryan is not part of the exchange’s management and is solely responsible for ensuring proper governance and transparent regulatory practices in financial activities.
Earlier, the executive, who has been detained since February 25 in Nigeria, filed a lawsuit against the local authorities. The case will be heard on April 8.
The director of Binance in West and East Africa, Nadim Anjarwalla, who was detained simultaneously, managed to illegally leave the country using a Kenyan passport. Nevertheless, he filed a similar complaint.
Previously, Nigerian authorities accused Binance Holdings Limited and two of its executives of tax evasion.
They insist that individuals used the exchange to launder nearly $21.6 billion.
Binance has been required to provide data on all Nigerian users and their transaction history. The platform has also been obligated to settle any outstanding tax liabilities.
Potentially, Binance could face a fine of $10 billion.