The Chief Executive Officer (CEO) of Binance, Richard Teng, has expressed serious concerns over the deteriorating health conditions of Tigran Gambaryan, a senior executive of the company who has been detained in Nigeria for over six months.
In a letter dated August 27, 2024, Teng described continued detention of Gambaryan as “unjust, unfairly, and unlawful,” and urged the Nigerian government to release him on humanitarian grounds.
“We are now at the six-month mark of Tigran Gambaryan’s unjust detention. Tigran’s physical and mental conditions have deteriorated rapidly, and his situation is now more dire than ever,” Teng wrote.
Adding, “He is in severe pain and unable to walk due to a herniated disc. Despite his condition, the Nigerian government has denied him adequate medical care, including basic needs such as access to a wheelchair,” Ten wrote.
He highlighted that Gambaryan’s situation has become increasingly critical, with his health declining sharply due to lack of proper medical treatment.
According to Teng, the Nigerian authorities have not only denied Gambaryan access to his legal counsel ahead of his trial on September 2, noting this as unconstitutional in Nigeria, but he have also failed to provide the detainee’s medical records despite a court order.
Teng added, “This week, Tigran was denied access to his US consulate representative. These actions are inexplicable.”
Teng also appealed to the federal government to allow Gambaryan to return to the United States to seek urgent medical treatment.
“I am deeply concerned about the long-term, potentially irreversible physical and mental impact this horrific episode is having on Tigran,” he stated.
“I appeal once again for the Nigerian government to allow him to go home to his family on humanitarian grounds so that he can seek the appropriate medical treatment in the US, recover, and get back to the healthy, active life he previously had.”
The Federal Government has reportedly justified Gambaryan’s detention by claiming that “Binance is operating virtually,” and therefore holding him is necessary.
During a bail hearing, the prosecution counsel argued that Gambaryan posed a flight risk, which Teng refutes. “There is no need to imprison an innocent employee to answer for any allegations against Binance,” Teng asserted.
“We have settled issues in countries around the world… in a reasonable, collaborative, and amicable manner with governments. All these were done without threat or harm inflicted on our employees.”
Teng also addressed allegations that Binance was responsible for the decline of Nigeria’s currency, the Naira, describing these claims as unfounded. “Between 2021 and the end of 2022, the Naira traded in a relatively narrow range,” Teng noted.
He added that the significant depreciation of the Nigerian money occurred after the government ended its currency peg in June 2023, not due to Binance’s operations. “The downward trend continued despite Binance ceasing to offer P2P services in the country in February 2024.”
Furthermore, Teng disputed the government’s claim that Binance generated $26 billion in revenue from Nigeria in 2023.
He clarified that the figure referred to total transaction volume, not revenue, and emphasised Binance’s commitment to low transaction fees. “Our actual revenue is based on charging a small percentage of transaction fees, and we are proud to offer our users some of the lowest fees of any exchange globally.”
Gambaryan’s wife, Yuki, had earlier voiced grave concerns about her husband’s worsening health, stating that he requires “highly specialised and risky surgery” to treat his condition.
Teng also called on the US Government and international community to exert pressure on Nigeria to secure Gambaryan’s release.
“It is my sincere hope that the American government and political apparatus can exert its political will and muscle to bring Tigran home soon, so that he can get adequate treatment and be reunited with his family and loved ones,” Teng wrote.
He urged people globally to add their voices, stressing that Nigeria’s actions could negatively impact its long-term economic development and international relations.
Binance’s regional manager for Africa, Nadeem Anjarwalla, was also detained by Nigerian authorities on February 28, alongside Gambaryan.
However, Anjarwalla fled detention in March after the Nigerian government filed criminal charges against Binance for tax evasion.
The Economic and Financial Crimes Commission (EFCC) in April, filed a suit against Binance and Gambaryan over allegations of money laundering.
