Freed Binance Exec Departs Nigeria as Country Teams With US on Crypto Task Force

Binance executive Tigran Gambaryan, held for eight months in a Nigerian prison, was released Wednesday after the country dropped charges against the United States citizen. Now Gambaryan’s family has confirmed that he has left Nigeria—and the two countries have launched a task force to combine resources towards fighting crypto-related crimes.

“It is a huge relief that this day has finally come,” said Yuki Gambaryan, his wife, in a statement shared with Decrypt. “The past eight months have been a living nightmare. I wish it hadn’t taken this long for his release, or that his health had not declined so much, but we can now focus on healing as a family.”

Yuki Gambaryan also thanked the U.S. government and other supporters, adding, “The road ahead for Tigran’s recovery is going to be difficult, and I appreciate us being given the time and space to focus on that. Our children cannot wait to see their dad again.”

Late Wednesday, the U.S. Department of State announced that it had joined forces with Nigeria to launch a Bilateral Liaison Group on Illicit Finance and Cryptocurrencies, in a joint effort to fight against cybercrime and crypto-related financial misconduct.

“The United States works with partners across the globe to promote cyberspace and digital technologies that advance economic prosperity while countering and responding to malicious cyber operations, cybercrime, and other digital harms,” reads the official announcement.

The announcement reaffirmed the United States’ commitment to the government of Nigeria, with the Department of Justice (DOJ) helping build up its cybercrime investigation and prosecution capabilities. Nigeria is an ally of the United States, though the detainment of Gambaryan has drawn heavy criticism, including from members of Congress.

Gambaryan had been arrested in February during negotiations with Nigerian officials over crypto trading restrictions. Citing Gambaryan’s poor health—including malaria and a herniated disc—Nigeria dropped all charges against him. However, Nigerian officials said that they will continue to pursue charges against Binance itself.

“We are deeply relieved and grateful that Tigran Gambaryan has finally been released after enduring nearly eight months of detention in Nigeria,” said Binance CEO Richard Teng, in a statement. “Throughout this difficult period, Tigran has shown immense strength, and we commend his resilience in the face of such severe adversity. We are deeply thankful to everyone who dedicated countless hours to support Tigran’s release.”

Gambaryan’s detention drew significant criticism from U.S. lawmakers, with Representatives French Hill and Chrissy Houlahan visiting Gambaryan in prison in June and expressing concerns over his deteriorating condition.

The U.S. Department of State did not immediately respond to a request for comment from Decrypt.

The launch of the Bilateral Liaison Group comes as crypto crimes are spiking globally. A recent FBI report found that 87% of all investment fraud in 2023 involved cryptocurrencies, with total losses reaching $3.96 billion.

Crypto security firm CertiK’s Q3 2024 report revealed that despite a decline in the number of hacks, crypto thieves still managed to steal $750 million last quarter. Phishing and private key compromises dominated the list, with Ethereum emerging as the top target.

This surge in crypto-related crime has put regulators worldwide on high alert—and Nigeria is no exception. Nigeria’s crypto scene is booming, with the country’s Securities and Exchange Commission (SEC) valuing the local industry at $400 million in June 2024.

However, that growth has prompted a stronger regulatory crackdown. In the same month, the Nigerian SEC ordered crypto exchanges and digital asset traders to re-register within 30 days or face enforcement action. In August, the regulator issued the first licenses to crypto exchanges and other industry firms.