Tigran’s health failing in Nigeria’s ‘unjust’ detention — Binance CEO

Binance has condemned the ongoing detention of Tigran Gambaryan, an employee of the cryptocurrency exchange, describing his six-month imprisonment in Nigeria as “inexplicable” and “unjust.”

In a recent statement, Binance CEO Richard Teng revealed that Tigran, who suffers from a herniated disc, is in severe pain and unable to walk.

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Teng alleged that despite Tigran’s critical condition, the Nigerian government has denied him access to adequate medical care, including a wheelchair, and has failed to comply with court orders to release his medical records.

He noted that Tigran is in severe pain and unable to walk due to a herniated disc, adding that “physical and mental conditions have deteriorated rapidly, with his situation being more dire than ever.”

“Furthermore, they are refusing to provide access to his legal counsel, despite a trial commencing on 2 September, which we have been informed is unconstitutional in Nigeria,” Teng said.

The CEO accused the Nigerian government of unjustly detaining Tigran and refusing to allow him to return to the United States for necessary medical treatment. Teng also said Nigerian authorities have prevented Tigran from meeting with a US consulate representative, noting that these actions are inexplicable.

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“I am deeply concerned about the long-term, potentially irreversible physical and mental impact this horrific episode is having on Tigran, and 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,” Teng added.

According to Teng, the Nigerian government has used Tigran’s detention as leverage in disputes over the company’s operations and the alleged impact on Nigeria’s currency, the naira. He refuted claims that Binance’s activities contributed to the naira’s decline and noted that Binance has resolved similar issues amicably in other countries, including the US, Thailand, Brazil, and India, without resorting to detaining employees.

Teng’s statement read in part: “A reason that the Nigerian government has used for continuing to hold Tigran is because ‘(Binance) is operating virtually. The only thing we have to hold on to is this defendant (https://apo-opa.co/3yW0d1Q).'”

“This statement is far from the truth. There is no need to imprison an innocent employee to answer for any allegations against Binance. We have settled issues in countries around the world, including the US, Thailand, and most recently in Brazil (https://apo-opa.co/3MnjsEm) and India (https://apo-opa.co/3Xm3z7v), in a reasonable, collaborative, and amicable manner with governments. All these were done without threat or harm inflicted on any of our employees. There is no good reason to hold an innocent employee to advance the discussion of outstanding issues.

“Another claim made by the Nigerian government was that Binance was responsible for its currency decline. To everyone paying attention, this is not backed up by facts. Between 2021 and the end of 2022, the Naira traded between a relatively narrow range of USD1: 380 to USD1: 440. We have been offering P2P services as a value-added service for our users wishing to get exposure to crypto during that period. The end of the Naira’s currency peg by the Government in June 2023 caused the biggest fall in Naira’s history, according to experts (https://apo-opa.co/4dY7P2y). It went from USD1: 460 in June 2023 to USD1: 900 by the end of 2023. The downward trend continued since.

“The Naira traded at a recent low of USD1: 1,660 on 31 July 2024, representing a 50% decline from the start of 2024. This downward trend continued despite Binance ceasing to offer P2P services in the country in February 2024. As economists have more elegantly explained, the movement of a country’s currency is attributable to various macroeconomic factors (https://apo-opa.co/3Mnk11h).”

Teng also added that Nigeria has never been a big market for Binance, noting that its revenue is based on charging a small percentage of transaction fees and that it is proud to offer its users some of the lowest transaction fees of any exchange globally.

Binance’s CEO, however, called for immediate intervention from the US administration and legislators, stating they have the power to designate Tigran as one of its “unlawfully detained” citizens overseas and that there are substantial reasons to do so.

“Global citizens should add their voices and concerns, convincing the Nigerian government that such unilateral action without a strong basis will be detrimental to the long-term economic development and well-being of the country. Key stakeholders in the government of Nigeria made the decision to unfairly and unlawfully detain Tigran, and they can just as easily make the fair decision to allow Tigran, a former US federal agent, to go home. We appeal on humanitarian grounds to all decision-makers in Nigeria to allow Tigran safe passage home to his wife and two young children,” the CEO appealed.