The Nigerian government has refused to yield to pressure from 16 US lawmakers to release Tigran Gambaryan, a Binance executive detained since April. Gambaryan, a US citizen, is accused of tax evasion and aiding tax evasion through Binance’s platform. This detention has sparked a diplomatic row between Nigeria and the US, with historical context highlighting Nigeria’s complex relationship with cryptocurrency exchanges like Binance.
Nigeria banned cryptocurrency transactions through traditional banks in 2020, citing fraud and illicit financial flows. However, Binance continued operating in Nigeria despite the ban, leading to accusations of tax evasion and money laundering. The Nigerian Central Bank Governor accused Binance of facilitating illicit flows worth $26 billion in Nigeria.
The US lawmakers’ letter to President Biden expresses concerns about Gambaryan’s safety and potential leverage against Binance. This diplomatic row highlights the challenges of regulating emerging technologies like cryptocurrency, with Nigeria seeking control over its financial system and the US pushing for the release of its citizen and protection of American companies’ interests.
