U.S. lawmaker French Hill has expressed concerns over the prolonged detention of Binance executive Tigran Gambaryan in Nigeria, warning that it could strain relations between the two nations.
Hill who serves as Vice Chairman of the House Financial Services Committee and Chairman of the subcommittee overseeing digital assets and financial technology, stated that Tigran Gambaryan is not being held by Iran or Russia but he is being held by the country’s supposed friend, Nigeria.
In a video posted on X (formerly) Twitter, he said,
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“In this administration, we have seen a lot of action on Americans held wrongfully detained abroad. And they frequently get a designation. But suddenly, here we have a country like Nigeria where we didn’t, we removed them from the list in the Biden administration on religious freedom issues. We’ve signed a commercial and investment partnership with the country in the middle of this tragedy.
“And I don’t think the leadership, the national security advisor, the president, the cabinet leadership in Nigeria gets they are putting our relationship on the line because of the way they are handling the situation. We need the president engaged here. This is wrong. This is a dispute that in no way involves Tigran Gambaryan and we’re watching him decline in his health. It is a horrifying situation and this country is a friend of the US; we are not talking about Iran, or Russia here, we are talking about Nigeria.”
He further stated that the response from the Nigerian government is embarrassing, stating that the US will continue to press harder to ensure the release of the Binance executive.
In response to his concerns the US Under Secretary for Management, John Bass disclosed the efforts made by the US government to ensure the release of Tigran Gambaryan out of detention.
He said,
“I think we are picking our way through some complicated tangles within the Nigerian system but I am hopeful we are taking out ways to resolve those in the near future, and I can assure you that the secretary and deputy secretary. Along with myself are seized with this and doing everything possible to get him out soon.”
He concluded by disclosing that the US embassy has been asked to advocate for the humanitarian release of Tigran Gambaryan because of the horrible conditions in the prison, his innocence, and his health.
This is not the first time that the US government is pushing for the release of the Binance executive. Recall that in May this year, the US Secretary of State Antony J. Blinken raised the issue with his Nigerian counterpart, quoting anonymous senior State Department officials. Richard M. Mills Jr, the U.S. ambassador to Nigeria, also called for Gambaryan’s release in private conversations with Nigeria’s president, finance minister, attorney general, and trade minister.
Backstory
Recall that the Nigerian government detained Binance executive Tigran Gambaryan since February 2024, in a dispute between the cryptocurrency exchange and the Nigerian government. Nigerian government alleged that Binance harmed the nation’s economy by allowing users to transfer funds out of the local currency, causing its collapse.
In a bid to address the issue, Gambaryan, 40, traveled to Nigeria in February for meetings with local officials about Binance’s business dealings in the country. He was however detained by the Nigerian government for tax evasion and money laundering, though the tax charges against him was later dropped.
Responding to his arrest, Binance CEO Teng said,
“To invite a company’s mid-level employees for collaborative policy meetings, only to detain them, has set a dangerous new precedent for all companies worldwide”.
In March, Binance stopped all transactions and trading in naira after a country-wide crackdown on crypto exchanges that authorities blamed for feeding a black market for foreign exchange.
Tigran Gambaryan’s trial for money laundering in Nigeria will on Oct. 9 determine whether he will be released on bail or remain in prison custody after a judge deferred ruling on his request. Despite calls for his release, Nigerian officials have maintained that Gambaryan’s case must proceed through the country’s judicial system.