Over 100 days have passed since Tigran Gambaryan, a Binance executive, was arrested in Nigeria. Despite international pressure and pleas from the crypto exchange, Gambaryan remains in detention, facing charges of tax evasion and money laundering. The case has drawn attention due to Nigeria's unusual strategy of holding mid-level executives accountable for the exchange's actions, sparking concerns about procedural hurdles and Gambaryan's health.

Background

Gambaryan's troubles began when Binance was targeted by Nigerian regulators in June 2023. Despite efforts to resolve issues, tensions escalated, leading to his arrest in February 2024. He was detained alongside Nadeem Anjarwalla, who later escaped. Gambaryan has been held for over 100 days without formal charges, sparking international concern.

On June 14, the Federal Inland Revenue Service (FIRS) dropped Gambaryan's name from the tax evasion case, providing some relief. However, he still faces money laundering charges from the Economic and Financial Crimes Commission (EFCC). The case has been marred by procedural errors, raising questions about Nigeria's handling of the situation.

Impact and Reaction

Gambaryan's detention has strained his health, and he collapsed during a court hearing on May 23. Binance maintains that Gambaryan has no decision-making power and should not be held accountable for the firm's actions. The case has sparked debate about Nigeria's approach and the impact on the crypto industry.

As the legal proceedings continue, Gambaryan's fate remains uncertain. The international community watches with bated breath, hoping for a swift resolution to this prolonged detention.