Binance Exec Who Was Detained in Nigeria on Money Laundering Allegations Steps Down

Key Takeaways:

• Tigran Gambarya is stepping down after an eight-month detention in Nigeria.
• Nigerian authorities released Gambaryan on humanitarian grounds in October and later dropped all charges.
• His departure comes as Binance moves to resolve its US legal battles.

Head of financial crime compliance at Binance, Tigran Gambaryan, is leaving the exchange after an eight-month legal ordeal in Nigeria that drew international attention.

Gambaryan, a former US Internal Revenue Service agent, confirmed to Bloomberg News that Friday is his last day at Binance.

The Nigerian government detained him last year on money laundering and currency manipulation charges after he traveled to the country on behalf of Binance.

Gambaryan was released in October on humanitarian grounds after his health deteriorated in detention. Nigerian authorities later dropped the charges.

“Tigran has made a lasting impact on Binance, just as he did in his previous roles in law enforcement,” a Binance spokesperson told Bloomberg.

“We are deeply grateful for his dedication in transforming our financial crimes compliance organization. Thanks to his tireless efforts, the crypto industry is safer for all.”

The episode marked a tense chapter for Binance’s global operations. Binance CEO Richard Teng previously alleged in a blog post that officials in Nigeria had sought a “secret” payment to resolve the case — a claim Nigeria denied.

Before joining Binance in 2021, Gambaryan built a reputation as a top crypto crimes investigator for the US government, earning the nickname “Crypto Wizard” for tracing illicit blockchain transactions.

At Binance, his work focused on enhancing the company’s anti-money laundering protocols and assisting global law enforcement with asset seizures as regulators intensified scrutiny of major exchanges.

Tigran Gambaryan, the Binance compliance officer who was unjustly detained in Nigeria, receives the first ever Digital Chamber Hero Award pic.twitter.com/J84L3CpnY2

His departure comes as Binance moves closer to resolving legal issues in the US.

Last week, the US Securities and Exchange Commission filed a joint motion with Binance to stay its case in federal court.

The SEC sued Binance in June 2023, accusing it and co-founder Changpeng Zhao of mishandling customer funds and violating securities laws.

Binance and Zhao pleaded guilty to separate charges in November 2023, agreeing to pay $4.3 billion in penalties.

Zhao was fined $50 million, stepped down as CEO, and served four months in US prison.

In May, CZ confirmed that he has formally applied for a presidential pardon, weeks after initially denying reports of such a move.

Speaking on the Farokh Radio podcast aired May 6, Zhao said his legal team filed the request following widespread media speculation.

“I got lawyers applying,” Zhao said during the interview, saying that he ultimately decided to move forward after stories from Bloomberg and The Wall Street Journal suggested he was pursuing a pardon from former U.S. President Donald Trump.

“If they’re writing this article, I may as well just officially apply,” Zhao added.

The former crypto mogul pleaded guilty to violating the Bank Secrecy Act in November 2023 as part of a settlement with U.S. authorities.

Zhao has since shifted focus to international advisory work, offering guidance to governments in Pakistan and Kyrgyzstan on crypto regulation and blockchain integration.

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