Binance Executive Released After 8-Month Detention in Nigeria

Tigran Gambaryan, a Binance executive, recently shared his harrowing experience of being detained in Nigeria for nearly a year. His ordeal began in February 2024 when he was initially placed into custody. Gambaryan's health deteriorated significantly during his detention, which was marked by severe mistreatment, corruption, and false accusations. The situation escalated when Nigerian officials allegedly demanded a bribe of US$150 million in cryptocurrency to resolve Binance’s regulatory issues. Gambaryan refused to pay the bribe, leading to his and his colleague Nadeem Anjarwalla's detention.

Gambaryan and Anjarwalla were taken to a government "safe house" where they were closely monitored. Negotiations followed, leading Binance to eventually disable Nigeria’s P2P trading feature to secure their release. However, when it was revealed that Binance hadn’t provided all requested data, their release was rescinded. Anjarwalla managed to escape from the detention facility, leaving Gambaryan alone and isolated. The Nigerian government later claimed Anjarwalla escaped during a mosque visit, but Gambaryan disputed this version of events.

After Anjarwalla’s escape, chaos ensued. Guards panicked, generals arrived, and blame was passed between the EFCC and the military. Gambaryan was isolated, denied access to his phone, attorney, and embassy. He was transferred to an EFCC detention facility where the conditions worsened. For nearly a month, he was subjected to solitary confinement, malnutrition, and a lack of medical care. Meanwhile, the Nigerian authorities filed charges against him, Anjarwalla, and Binance, including money laundering, tax evasion, and operating without a license, all of which Gambaryan insists were baseless.

Gambaryan was then transferred to the Kuje prison, near the Nigerian capital of Abuja. He described the corruption and the severe mistreatment he endured, including being denied medical care, legal representation, and even basic mobility assistance. The Nigerian government tried to blame the collapse of the national currency on Binance, which Gambaryan dismissed as a scapegoat for the government's own policy failures.

As Gambaryan’s detention stretched on, pressure mounted from his former colleagues, the crypto community, and the US government, intensified diplomatic efforts to secure his release. A key turning point was a call with Jake Sullivan, the National Security Advisor to President Biden, that mobilized the White House and State Department. The FBI, from day one, were working on getting him released. Eventually, they mobilized FBI director Christopher Wray who had a meeting with Nigerian President Bola Tinubu to demand his release. The White House eventually mobilized Jake Sullivan.

Gambaryan first sensed movement about a month before his release but wasn’t sure how long it would take. He believes the Nigerian government’s own missteps helped accelerate the process. The Nigerian government really shot themselves in the foot. The thing that mobilized some folks in the government was when they cut off his access to attorneys. There are certain things that you don’t do; completely cutting off somebody’s email. You’re not even pretending to follow due process. You’re violating your own constitution in the process of holding somebody hostage.

For two months, Gambaryan was denied access to his attorneys, and his health deteriorated drastically. He wasn’t able to walk, he was in a wheelchair. He had malaria and then he almost died from pneumonia. They didn’t allow him to get healthcare. They took several steps to even threaten a Turkish hospital not to admit him. Jake Sullivan was very upset afterwards, from my understanding, which mobilized the White House and State Department, and led the House to pass a resolution holding Nigeria responsible, and eventually working their way towards sanctioning Nigeria. That’s where the US government was able to force their hands to take a deal.

Ultimately, Nigeria struck an agreement with the US government, which included turning over US$50 million forfeited from a corrupt Nigerian politician in exchange for his release. After eight months of detention, Gambaryan was released in October 2024 following the government’s decision to drop money laundering charges against him, allowing Gambaryan to get medical treatment abroad. The EFCC said it would continue the money laundering case against Binance without Gambaryan. A lawsuit was filed in February 2025 by the Nigerian government, seeking to compel Binance to pay US$79.5 billion for economic losses it said were caused by its operations in the country and US$2 billion in back taxes. Binance ceased all Nigerian operations in March 2024.

Gambaryan, speaking at the DC Blockchain Summit on March 26, suggested that the Nigerian government had held him hostage, using the criminal charges as a pretext to extract concessions from Binance. He indicated that he saw signs of his impending release around a month before his return to the US, coinciding with increased international pressure, particularly around the time of the United Nations General Assembly in 2024. This pressure, he believes, forced the Nigerian government to recognize that his detention was more of a liability than an asset.

Gambaryan’s release highlights the complex interplay between international diplomacy, corporate interests, and the legal systems of different countries. His experience underscores the risks faced by executives operating in volatile regulatory environments and the critical role that diplomatic pressure can play in resolving such disputes. The case also raises questions about the transparency and fairness of legal processes in Nigeria, as well as the broader implications for international businesses operating in the region.