Bijie.com reports:
Binance executive Tigran Gambaryan has been detained in a Nigerian prison for eight months, and the charges against him, an American citizen, have been dropped. Gambaryan’s family has confirmed that he has now left Nigeria, and the two countries have established a task force to combine resources in combating cryptocurrency-related crimes.
In a statement, his wife Yuki Gambaryan said, “This day has finally come, and I am very relieved.”
She continued, “The past eight months have been a living nightmare. I wish he didn’t have to spend such a long time before being released, or that his health didn’t deteriorate too much, but we can now focus on the recovery as a family.”
Yuki Gambaryan also expressed gratitude to the US government and other supporters, adding, “Tigran’s road to recovery will be challenging, and I am grateful that we have time and space to focus on this. Our children are eager to see their father again.”
Later on Wednesday, the US Department of State announced that it has partnered with Nigeria to establish an illegal finance and cryptocurrency bilateral liaison group to jointly combat cybercrime and improper financial activities related to cryptocurrencies.
The official wrote, “The US is working with global partners to promote cyberspace and digital technology to facilitate economic prosperity while combating and addressing malicious cyber operations, cybercrime, and other digital harms.”
The statement reiterated the US commitment to assist the Nigerian government in building its cybercrime investigation and prosecution capabilities. Despite the strong criticism, including from members of Congress, Nigeria is an ally of the United States, and the detention of Gambaryan caused a stir.
Gambaryan was arrested in February during negotiations with Nigerian officials regarding restrictions on cryptocurrency trading. Citing his poor health, including malaria and a herniated disc, Nigeria dropped all charges against him. However, Nigerian officials stated that they would continue to pursue charges against Binance itself.
Binance CEO Richard Teng said in a statement, “We are deeply relieved and grateful that Tigran Gambaryan has finally been released after being detained in Nigeria for nearly eight months.” He continued, “During this challenging period, Tigran has shown immense strength, and we commend his resilience in such difficult circumstances. We are very thankful to everyone who has dedicated countless hours to support Tigran’s release.”
Gambaryan’s detention has drawn strong criticism from US lawmakers, and Representatives French Hill and Chrissy Houlahan visited Gambaryan in prison in June, expressing concerns about his deteriorating health.
The US Department of State did not immediately respond to requests for comment from journalists.
The establishment of the bilateral liaison group comes at a time of increasing cryptocurrency crime worldwide. A recent report by the Federal Bureau of Investigation found that 87% of all investment fraud in 2023 involved cryptocurrency, resulting in a total loss of $3.96 billion.
According to a report by cryptocurrency security company CertiK for the third quarter of 2024, despite a decrease in the number of hackers, cryptocurrency thieves managed to steal $750 million in the previous quarter. Phishing and private key leaks were dominant, with Ethereum being the primary target.
The surge in cryptocurrency-related crimes has put global regulatory bodies on high alert, and Nigeria is no exception. Nigeria’s cryptocurrency market is booming, with the Securities and Exchange Commission (SEC) estimating revenues of $400 million from the local industry in June 2024.
However, this growth has prompted regulatory agencies to intensify their efforts. In the same month, the Nigerian Securities and Exchange Commission issued a directive requiring cryptocurrency exchanges and digital asset trading firms to re-register within 30 days or face enforcement actions. In August, the regulatory body issued the first batch of licenses to cryptocurrency exchanges and other industry firms.