Binance Executive Gambaryan Takes Legal Action Against Nigeria for Unlawful Detention

By Ed Malik, A | ed@ddnewsonline.com | posted 7th february, 2025

A Nigerian Federal High Court in Abuja has scheduled a hearing for March 20, 2025, regarding a compensation lawsuit filed by Binance executive Tigran Gambaryan against Nigeria’s National Security Adviser (NSA) and the Economic and Financial Crimes Commission (EFCC).

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Gambaryan alleges unjust detention and is seeking redress for the hardships endured during his custody.

This dispute began in early 2024 when the Nigerian government accused Binance of manipulating foreign exchange rates, leading to a crackdown on cryptocurrency platforms.

In February 2024, Gambaryan and fellow Binance executive Nadeem Anjarwalla traveled to Nigeria for discussions with officials but were unexpectedly detained. Anjarwalla later escaped custody, while Gambaryan remained imprisoned, prompting international concern over his prolonged detention.

In April 2024, the EFCC arraigned Binance Holdings Ltd and Gambaryan on charges including tax evasion, currency speculation, and money laundering totaling $34.4 million. Gambaryan pleaded not guilty to all charges.

After approximately 10 months in custody, the Nigerian government withdrew all charges against Gambaryan in October 2024, leading to his release. The withdrawal was influenced by his deteriorating health and recognition of his role as an employee of Binance.

Following his release, Gambaryan filed a lawsuit against the NSA and EFCC, alleging violations of his fundamental human rights due to his detention and the seizure of his international travel passport. He is seeking compensation and a public apology.

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Meanwhile, Nigeria’s NSA and EFCC deny wrongdoing, arguing they acted within the law and requesting more time to present additional evidence.

The upcoming court hearing on March 20, 2025, will address these allegations and determine the appropriate course of action regarding Gambaryan’s claims.