Binance executive resigns after Nigerian detention

The head of financial crime compliance at Binance and former US Federal Agent, Tigran Gambaryan, has resigned from the cryptocurrency exchange months after his release from detention in Nigeria, reports Punch. Over his four-year tenure, Gambaryan built and led Binance’s first global investigations function, expanding it to more than 100 professionals, including former federal agents, prosecutors and analysts. He said the team worked to align Binance with both US and international enforcement standards and trained thousands of law enforcement officers worldwide in financial crime prevention. ‘Some cases I will never forget include assisting the Royal Thai Police in dismantling a $270m crypto fraud network targeting American and Thai citizens; identifying ISIS-linked wallets funding international terror operations, leading to arrests and disrupted flows; and supporting Nigeria’s EFCC in recovering over $400 000 in illicit funds and training more than 70 of their agents in advanced blockchain investigations,’ Gambaryan wrote. The Binance chief’s resignation follows a turbulent period in which he was detained by the Nigerian Government during discussions about Binance’s operations in the country. He and the company were accused of money laundering and tax evasion, allegations both denied. Gambaryan was held for nearly eight months and later bemoaned harsh prison conditions, claiming that Nigerian officials attempted to extort a $150m bribe. The Federal Government strongly denied the allegation, insisting his detention was part of a broader investigation into suspected currency manipulation. He was released in October 2024 following diplomatic intervention by the US Government.

Full Punch report