Over 100 Former US Prosecutors Strive to Secure Binance Executive’s Release in Nigeria

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As a seasoned crypto investor with a keen interest in the regulatory landscape and a deep understanding of the industry’s complexities, I am deeply concerned about the situation surrounding Tigran Gambaryan, the head of financial crimes and compliance at Binance. The recent letter signed by over 100 former US federal prosecutors and agents, along with several members of Congress, urging for his release is a stark reminder of the potential risks and challenges that come with being involved in this sector.

As a researcher investigating this topic, I’ve discovered that over 100 ex-federal prosecutors and agents from the United States have united to support the release of Tigran Gambaryan. Currently detained in Nigeria, Gambaryan holds the position of head of financial crimes and compliance at Binance.

In a letter penned on June 6th, the concerned group voiced deep worries over Gambaryan’s predicament and urged the U.S. Department of State for prompt intervention.

A group of US lawmakers, including Michael McCaul, the Chair of the House Foreign Affairs Committee, and 15 other Members of Congress, initiated an appeal on Tuesday. They signed this appeal, urging the administration to take immediate action to free Gambaryan from whatever situation he is currently in.

A Call for Release of Binance Exec

As an analyst, I’ve reviewed the news that approximately 108 former government officials, among them federal executives and prosecutors, gathered two days after the event in question. The protesters asserted that a Binance executive, currently detained at Kuje Correctional Centre in Abuja for the past three months, has been denied essential healthcare.

I, along with the former prosecutors, maintain that insufficient actions have been taken by the US government regarding Gambaryan’s release. Failure to act promptly could lead to serious consequences for his safety. We are deeply concerned about his well-being in prison and strongly urge the government to take immediate steps to secure his freedom.

Authorities also referenced his services to the United States as a basis for demanding the release.

The Binance executive’s background includes a decade-long commitment to serving the country, having previously worked as a Special Agent with the Internal Revenue Service (IRS), followed by assuming the position of head of financial crimes and compliance at Binance.

Previously employed prosecutors commended his dedication to enforcing legal principles, highlighting his role in various significant cases. These cases spanned from prosecuting child pornography and terrorist funding offenses, to investigating identity theft and public corruption linked to the infamous Silk Road scandal.

He is Completely Innocent

In clear and natural language: The letter vigorously denied the allegations of money laundering and tax evasion brought against Gambaryan by the Nigerian authorities. It declared his innocence and maintained that his role at Binance should not make him a convenient target for the company’s misdeeds.

“The letter states that he is absolutely blameless with regard to these accusations, and in his capacity as a mid-level employee at Binance, he does not possess a significant position that warrants acting on behalf of the company,” is one possible way to paraphrase the original text. The situation started in January when Gambaryan and some other Binance representatives went to Nigeria for talks about financial regulations. Afterward, they were requested to return to the country to resolve certain financial matters related to the previously discussed regulatory issues.

During the unruly meeting in February, Nigerian officials took away his passport. Alongside Nadeem Anjarwalla, Binance’s African regional manager, he was then held by Nigerian authorities.

Court Denies Bail for Gambaryan

Two individuals were taken into custody by the Economic and Financial Crimes Commission (EFCC) in Nigeria on allegations of money laundering and tax evasion. The EFCC accused Binance, the cryptocurrency exchange platform, and these two employees of laundering approximately $35 million through their system.

During this time, Anjarwalla successfully broke out of Kuje correctional center and made his way to Kenya, which is his homeland, leaving Gambaryan behind in custody.

In May, Justice Emeka Nwite denied Gambaryan’s request for bail, asserting that there was a significant risk he would attempt to leave the country if released.

As a crypto investor, I’ve come across rumors suggesting that a Binance executive attempted to obtain another passport while incarcerated with the intent of leaving the country, similar to what one of his colleagues had done before.

After the rejection of the request, Binance CEO Richard Teng disclosed in a blog entry that Gambaryan was apprehended due to his unwillingness to transfer $150 million worth of cryptocurrencies to the Nigerian authorities to settle compliance concerns regarding Binance.

However, the Nigerian government had since denied the allegation, calling it false.

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2024-06-07 13:39