A group of US politicians has called on President Joe Biden to take immediate action to secure the release of Figran Gambaryan, the head of financial crime compliance at Binance, who has been detained in Nigeria for over three months on money laundering and tax evasion charges. The politicians, who signed a letter to President Biden on June 4, assert that Gambaryan is being wrongfully detained and urge the Special Presidential Envoy for Hostage Affairs to take immediate action.

The letter, shared on X by journalist Eleanor Terrett, highlights the concerns of the politicians regarding Gambaryan's deteriorating health and the use of coercion tactics by Nigerian authorities to extort Binance. Gambaryan was detained on February 26, at the invitation of the Nigerian government, to address Binance's compliance issues. However, he was held in Kuje Prison, notorious for its harsh conditions, and has been denied the right to freely communicate with his legal team.

Another Binance executive, Nadeem Anjarwalla, who faced similar charges, fled Nigeria in March. Nigerian authorities have labelled the case a matter of national security, demanding the delisting of the naira currency from Binance's platform and detailed information on all Nigerian users. Binance CEO Richard Teng has accused unidentified Nigerian officials of demanding a $150 million cryptocurrency bribe to halt the investigations, a claim denied by Nigerian authorities.

Despite these challenges, Nigeria remains a modestly significant crypto investment location, with around $2.5 million raised from the country since last June. The ongoing detention of Gambaryan highlights the complex interplay between regulatory issues and the burgeoning crypto market in Nigeria. The appeal from US politicians to President Biden underscores the urgency and seriousness of Gambaryan's detention in Nigeria, raising concerns about legal and human rights and reflecting the broader tensions between regulatory authorities and cryptocurrency platforms.

Effective diplomatic intervention is essential to resolve the situation and ensure fair treatment for all parties involved. The detention of Gambaryan has sparked a heated debate about the role of regulatory authorities in the crypto market and the need for greater transparency and cooperation between governments and cryptocurrency platforms.