Binance Exec Tigran Gambaryan Was Praised After Being Released from Prison

Key Points:

• Binance exec Tigran Gambaryan has been released from Nigerian detention after nearly eight months.
• Binance CEO Richard Teng expressed relief over Gambaryan’s release, commending his resilience.

Binance CEO Richard Teng finally spoke his mind after Tigran Gambaryan, the executive from Binance, was released after almost eight months in detention in Nigeria.

Read more: Binance Exec Tigran Gambaryan Released After 6 Months in Prison

Binance Exec Tigran Gambaryan Freed After Eight-Month Detention in Nigeria

Following the dropping of money laundering charges, the Nigerian government allowed Binance exec Tigran Gambaryan to walk free from prison.

On the X social network platform, Teng expressed his relief and gratitude with regard to Gambaryan’s release. He immediately added praise for Gambaryan’s resilience and stated that taking good care of Gambaryan’s health and well-being is a priority now so that he can finally receive the urgently needed medical treatment.

Nigeria’s Economic Crisis Blooms into Tensions Over Cryptocurrency and Binance

The arrest of Binance exec Tigran Gambaryan this February started with the detention of the head of financial crimes compliance at Binance, detained by the government of Nigeria in an attempt to use its court system against the company amid growing tensions over cryptocurrency regulation.

Gambaryan developed several serious health conditions during his imprisonment, including malaria and pneumonia, a debilitating herniated disk that required specialized surgery.

Despite repeated applications from Gambaryan’s lawyers and calls from human rights activists for his release for health reasons, courts in Nigeria have rejected a bail application multiple times. This week, however, the government agency prosecuting him, the Economic and Financial Crimes Commission (EFCC), dropped charges against him, citing Gambaryan’s ailing health as one of its main reasons.

The detention and indictment of Gambaryan came amid an economic crisis in Nigeria, with the local currency, the naira, nosediving. The government had often blamed cryptocurrency for this financial turmoil it suffered, accusing Binance of moving assets out of the Nigerian economy.