Binance’s Tigran Gambaryan Breaks His Silence on Eight-Month “Trap” Detention by the Nigerian Government

Tigran Gambaryan, a top executive at Binance and a former U.S. federal agent, was detained by Nigerian authorities in February 2024 under controversial circumstances related to the exchange’s money laundering allegations. 

His arrest and that of his colleague Nadeem Anjarwalla were initially linked to accusations that Binance was involved in illicit financial transactions that contributed to the devaluation of the Nigerian naira.

🚨 BREAKING: The Nigeria Economic and Financial Crimes Commission (EFCC) Amends $35.4M Money Laundering Charges Against Binance and Fleeing Executive Nadeem Anjarwalla!

💠 The amended charges allege concealing $35.4 million generated in Nigeria as proceeds of unlawful activity.… pic.twitter.com/bycRKsOMvh

— Coinwaft (@coinwaft) November 26, 2024

However, in the following months, a more complex and politically charged narrative emerged—one in which Gambaryan was allegedly used as a bargaining chip in high-stakes negotiations between Binance and the Nigerian government.

Gambaryan and Anjarwalla had entered Nigeria for what was supposed to be a series of strategic discussions with financial regulators and law enforcement. 

But what was presented as a routine compliance meeting soon spiraled into an eight-month-long ordeal, marked by legal battles, aggressive detention, diplomatic tensions, and now, shocking allegations of corruption and extortion.

🚨🇳🇬 BREAKING: Nigeria has officially dropped all money laundering charges against #Binance executive Tigran Gambaryan, concluding a six-month trial.

– Announced on October 23, 2024, by a during a session at the Federal High Court in Abuja. pic.twitter.com/fzMESEkKme

— Coinwaft (@coinwaft) October 23, 2024

The Eight Months in Detention: Political Hostage or Legal Detainment?

During his detention, Gambaryan was held in suboptimal conditions, with reports indicating that he was denied access to proper medical care and that diplomatic efforts to secure his release were met with resistance. 

While Nigerian authorities framed the situation as a necessary legal probe into Binance’s alleged role in financial crimes, new revelations suggest that Gambaryan and Anjarwalla were instead pawns in a wider scheme orchestrated by corrupt officials.

Some Unknown Facts- you can read the rest in the Wired article and the NPR story.

The DSS was involved in the House of Representatives matter. We met with them at their office on Friday, January 5, 2024, as a prerequisite to our meeting with the House of Representatives. They…

— Tigran Gambaryan (@TigranGambaryan) February 14, 2025

According to Gambaryan, Nigerian officials, including members of the House of Representatives, attempted to solicit a $150 million bribe in cryptocurrency in exchange for favorable treatment.

“As you may already know, this ended with them asking for a $150 million bribe, paid in cryptocurrency into their personal wallets. A Mickey Mouse operation at its best.”

He detailed how the meeting where the bribe was demanded was staged with fake cameras to give it an air of legitimacy despite the obvious lack of official recording.

Furthermore, Gambaryan accused the Nigerian authorities of misrepresenting Binance’s trade data to fabricate a narrative of capital flight. 

The government publicly stated that Binance had facilitated $26 billion in illicit transactions, but Gambaryan clarified that this was merely the cumulative trade volume of Nigerian users on the platform—a distinction he alleges was deliberately ignored to justify his continued detention.

“This money didn’t leave Nigeria—it was just people buying and selling crypto. For example, if you trade $100 a hundred times, that’s $10,000 in trade volume, but in reality, you only used $100. Again, just another example of them lying to cover up their BS investigation.”

His allegations also extended to high-profile figures such as Nigeria’s National Security Adviser (NSA), Nuhu Ribadu, whom he accused of seeking billions in payouts to fund his political aspirations.

“This was a sold as a friendly meeting with the NSA, the head of the SEC, and the CBN governor and include the discussion of the bribe that was solicited by the house of representatives.”

According to Gambaryan, the controversy surrounding his detention led to serious diplomatic repercussions, with the U.S. government limiting visa approvals for Nigerian officials and blocking a scheduled meeting between President Joe Biden and Nigerian President Bola Tinubu.

The Great Escape: How Nadeem Anjarwalla Fled Nigeria

In what became one of the most talked-about moments of the case, Gambaryan’s colleague Nadeem Anjarwalla managed to escape detention, further intensifying the controversy.

NEW 🇳🇬: #Binance Executive allegedly escapes detention in Nigeria.

— Coinwaft (@coinwaft) March 25, 2024

Nigerian authorities initially claimed that Anjarwalla had fled during mosque prayers, but Gambaryan’s recent revelations suggest otherwise.

According to Gambaryan, Anjarwalla returned from prayers as scheduled but later managed to escape through a more elaborate scheme, potentially with inside assistance. 

While he speculated that Anjarwalla may have paid someone off, he admitted to having no concrete proof to support this theory. 

However, he emphasized that the entire situation was a direct result of Nigerian authorities’ negligence, particularly their failure to monitor Anjarwalla’s passport details and travel history.

Anjarwalla wasn’t the only Binance executive targeted. Other high-ranking company figures were also under scrutiny, though some managed to evade detention. 

Reports suggest that Nigerian officials attempted to restrict the movements of multiple Binance representatives, though only Gambaryan and Anjarwalla were ultimately detained. 

Sensing the deteriorating situation, some executives swiftly left the country before being apprehended, effectively dodging what Gambaryan described as a ‘trap.’

Gambaryan further mocked the Nigerian government’s attempts to involve Interpol in recapturing Anjarwalla, stating that no rational judge would approve extradition for someone who had fled what he described as an unlawful and politically motivated detention. 

He claimed that the Nigerian government’s desperation to regain control over the situation only highlighted the systemic failures that had enabled Anjarwalla’s escape.

Furthermore, he also shared the detainment of an innocent EFFC officer and called for the detainment of “Belloji” instead.

“They also detained innocent EFCC detectives who weren’t even present when Nadeem “escaped.” If anyone should have been detained, it was Belloji, for multiple basic law enforcement failures, incompetence, and negligence.”

They also detained innocent EFCC detectives who weren’t even present when Nadeem "escaped." If anyone should have been detained, it was Belloji, for multiple basic law enforcement failures, incompetence, and negligence- including:

.Failing to search our belongings
.Not checking…

— Tigran Gambaryan (@TigranGambaryan) February 14, 2025

The Nigerian Government’s Response: Denial and Counterclaims

Following Gambaryan’s explosive statements, the Nigerian government quickly issued a rebuttal, categorically denying his allegations and accusing him of spreading falsehoods.

Disregard Falsehoods Being Peddled by Tigran Gambaryan against Nigerian Government Officials – FG

The Federal Government of Nigeria notes with concern the outrageous allegations, misinformation, and defamatory statements being disseminated by Tigran Gambaryan, an American… pic.twitter.com/ZAXfExjNiJ

— Government of Nigeria (@NigeriaGov) February 14, 2025

The statement, signed by Minister of Information Mohammed Idris, emphasized that Gambaryan had been given due process and was released on humanitarian grounds due to diplomatic interventions.

Idris refuted claims of bribery and misconduct, stating that Nigeria had initially rejected Binance’s offer of a $5 million down payment to secure Gambaryan’s release. 

Instead, the government claimed to have negotiated a more beneficial settlement with the U.S. government. The minister also reiterated that Gambaryan had been detained as part of an investigation into Binance’s alleged role in manipulating the Nigerian currency rather than as a victim of political extortion.

Additionally, the Nigerian government released an official statement detailing its position, asserting that Binance had engaged in activities detrimental to the country’s financial stability. 

It claimed that Gambaryan’s detention was part of a broader effort to regulate cryptocurrency operations and prevent financial crimes, not an attempt at coercion or extortion. 

The government also dismissed allegations of poor detention conditions, stating that Gambaryan was treated per international human rights standards.

In response to the accusations of a staged bribery attempt, officials insisted that no such demand was made and challenged Gambaryan to provide concrete evidence. They characterized his statements as an attempt to distract from Binance’s alleged violations and to garner international sympathy. 

The statement also criticized what it called “sensationalized media coverage” that, according to the government, painted an inaccurate picture of Nigeria’s regulatory and legal processes.

Furthermore, the Nigerian government accused Binance of failing to comply with local regulations and suggested that Gambaryan’s arrest was part of standard legal proceedings rather than a politically motivated scheme.

Gambaryan’s Retaliation: A Scathing Reply to the Government’s Denial

Gambaryan quickly responded to the Nigerian government’s rebuttal, taking to social media to challenge their version of events. He noted inconsistencies in their narrative, including the claim that his visit to Nigeria was discretionary and not part of an official meeting.

Maybe you should take the time to get your facts straight before posting. I was invited by the Nigerian FIU to a meeting in January. Last time I checked, they are part of the Nigerian government. House members also invited us to the meeting. Last time I checked, the legislative…

— Tigran Gambaryan (@TigranGambaryan) February 14, 2025

He highlighted that the Nigerian Financial Intelligence Unit (NFIU) and the House of Representatives, both integral parts of the government, had invited him. 

He also called out the contradiction in the government’s claim that his second visit was part of an ongoing probe despite initially presenting the meeting as a friendly discussion.

Dismissing the government’s accusations of “tactics deployed by Gambaryan and his team,” he scoffed at the notion that he had any control over the situation while being confined in a safe house for weeks. 

Instead, he accused Nigerian authorities of panicking and fabricating charges against him once they realized their leverage over Binance was slipping away.

In striking detail, Gambaryan described how Nigerian officials repeatedly changed their demands — from an outright bribe to threats of prolonged detention — whenever negotiations stalled. 

He revealed that intermediaries, including individuals with direct access to key government officials, suggested Binance offer a “settlement fee” to make the problem disappear.

As Tigran claimed, this detention and media coverage have further damaged him and his family. He later clarified in another X post that it was one of the reasons he came out to speak up and share his side of the story.

“You dragged my name through the mud for the past year with zero evidence against me, nearly killed me, and caused trauma to my family. And now you have the nerve to talk about defamation?”

Many requested that I stay on and provide further commentary on the issues I posted about yesterday. Here’s the hard truth: what I shared was meant to fill in the gaps left by Wired and NPR’s reporting.

The reality is that last year was incredibly painful for me and my family. I…

— Tigran Gambaryan (@TigranGambaryan) February 15, 2025

International Repercussions and What Comes Next For Nigeria

The saga of Tigran Gambaryan’s detention and the allegations of corruption against Nigerian officials have had far-reaching consequences. 

Nigeria’s international reputation has suffered, particularly among Western nations closely monitoring the case. The White House’s displeasure with Nigeria’s handling of the situation, evidenced by visa restrictions and diplomatic snubs, shows the gravity of the situation.

For Binance, this incident raises broader concerns about operating in jurisdictions where regulatory transparency is questionable. 

I do not believe Binance. They broke the law, and did not get appropriate licenses and should be fined, just like they were in the US.

Going to Nigeria or any African country to do business illegally then claiming you were asked for a bribe after you got caught is criminal. https://t.co/CEcHscVw06

— uchi uchibeke (@uchiuchibeke) February 15, 2025

The crypto industry has long been scrutinized by governments worldwide, but the Gambaryan case is different. Some Nigerians claim it is a result of Binance’s illegal operation in the country and that Binance should be blamed for everything.

Can you tell Nigerians who might be hearing about this issue for the first time and might probably think BINANCE is the most law-abiding firm in the world why your company agreed to pay a fine of $4bn ( about N6trn) in the US…

Why did your CEO resign?

Why is your platform…

— Ademuyiwa Adebola anipr (@ThisIsAdemuyiwa) February 14, 2025

Although Binance has long exited the Nigerian market since March 2024, the claims of money laundering charges and tax evasion still stand as the Nigerian government is still actively pursuing that.

Nigeria’s high voltage searchlight on Binance has forced the company to exit some of its core operations in the nation: “Binance will discontinue all Nigerian Naira (NGN) services … Users are encouraged to withdraw NGN, trade their NGN assets or convert NGN into crypto prior to… pic.twitter.com/VcyAzHoydi

— Ndubuisi Ekekwe (@ndekekwe) March 5, 2024

Meanwhile, the Nigerian government now faces heightened skepticism over its handling of financial regulation and governance. While officials continue to deny wrongdoing, the damage to Nigeria’s credibility in the global economic space may take years to repair, with even some Nigerians standing against the wrongdoings.

Here is a video clip of the Chairman of the Nigeria’s ruling party which produced the sitting president of Nigeria collecting a 5 million dollars bribe from a contractor in his office while he served as a governor.

So, whatever you say about them that has to do with bribery and… pic.twitter.com/taRtpKegDi

— Mezie Abia (@MezieAbia) February 14, 2025

As Gambaryan himself stated in his final remarks: “I met amazing people in Nigeria. It’s a shame that these muppets are in charge.”