American Crypto Executive Released After Eight-Month Detention in Nigeria
Tigran Gambaryan, an American cryptocurrency executive, has been released from detention in Nigeria after being held for eight months. The release, announced on health and diplomatic grounds, marks the end of a contentious legal battle that has drawn international attention.
Jake Sullivan, White House national security adviser, confirmed Gambaryan’s release, stating, “We are pleased that Tigran Gambaryan is free and look forward to welcoming him home to his family. The U.S. Government will continue to prioritize the safety and security of U.S. citizens overseas.”
Gambaryan, an executive at Binance, the world’s largest cryptocurrency exchange, was arrested during a business trip to Nigeria in March. His colleague, Nadeem Anjarwalla, escaped custody in controversial circumstances earlier this year.
Nigerian authorities accused Binance and Gambaryan of alleged money laundering and currency manipulation, charges which Binance has vehemently denied. The case highlighted the growing importance of Nigeria’s crypto economy and its impact on the local currency.
The trial, overseen by Nigeria’s Economic and Financial Crimes Commission, concluded with the decision to end the case against Gambaryan. However, Binance still faces ongoing charges for tax evasion and operating without a license in the country.
The legal proceedings were marred by controversy, with allegations of illegal detention and bribery demands surfacing during the trial. Gambaryan’s health reportedly deteriorated during his detention in Kuje prison, where he was held without bail.
Diplomatic discussions played a crucial role in securing Gambaryan’s release, potentially impacting future U.S.-Nigeria relations and cooperation. The case has drawn attention to the complexities of international cryptocurrency regulation and enforcement.
As Gambaryan prepares to return home, questions remain about the future of cryptocurrency operations in Nigeria and the broader implications for global digital finance regulations.
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