On July 10, 2024, U.S. Congress members Rich McCormick and French Hill took a significant step by submitting a resolution to the Committee on Foreign Affairs. This resolution aims to press the Nigerian government to release Tigran Gambaryan, a Binance staff member and former federal agent, who has been detained in Nigeria for over three months.
Background of the Detention
Tigran Gambaryan, a Binance Staff, was detained on February 26, 2024, while in Nigeria for high-level meetings concerning Binance’s compliance issues. His arrest has raised substantial concerns among U.S. lawmakers, who argue that his detention is unlawful. According to a report from Techeconomy on June 5, 2024, U.S. legislators are urging President Joe Biden and top officials to take immediate action to pressure Nigerian President Bola Tinubu for Gambaryan’s release.
Gambaryan’s detention has drawn parallels with other international incidents where business executives have been detained abroad, highlighting the risks and complexities of global business operations in the regulatory and political landscape.
Details of the Resolution
The resolution introduced by McCormick and Hill includes several critical points aimed at securing Gambaryan’s release and ensuring his safety:
- Immediate Release: The resolution calls on the Government of Nigeria to release Tigran Gambaryan from imprisonment without delay.
- U.S. Government Action: It urges the United States Government to utilize all available resources to secure Gambaryan’s release. This includes raising his case in all diplomatic interactions with the Nigerian government.
- Highlighting International Standards: The resolution emphasizes the importance of adhering to international standards of justice and human rights, reflecting broader concerns about the treatment of foreign nationals.
Reactions and Statements
Statement from Tigran Gambaryan’s Wife, Yuki:
The Binance Staff wife, Yuki, has been vocal about her concerns over her husband’s health and well-being. In a heartfelt statement, she said:
“I just want him home so he can get the proper medical care he desperately needs and so that he can heal. I appreciate Congressional focus on obtaining Tigran’s immediate release from custody in Nigeria and Representative McCormick’s continued attention to Tigran’s plight. I hope the US government’s involvement will expedite the process of getting him released.
“My husband is innocent, he is not a decision maker at Binance and I hope the Nigerian authorities release him. I again respectfully urge the EFCC to follow the example set by their colleagues at the FIRS (tax authority) and drop these charges against Tigran. He needs to be freed right now.”
Yuki’s plea underscores the personal and human aspect of this international incident, reflecting the emotional toll on families and the urgent need for diplomatic intervention.
Expert Opinions
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Senator Ihenyen, lead partner and head of blockchain and virtual assets practice at Infusion Lawyers, commented on the situation:
“Nigeria can no longer afford to keep pushing digital assets underground for obvious economic and security reasons. Our regulators will now work together to ensure consumer protection and investor safety.”
An industry expert compared the development to practices in South Africa, stating:
“They’re basically saying that SEC will now take the lead on VASPs, a far departure from what it was during Godwin Emefiele’s time. This new move was done to meet the Financial Action Task Force (FATF) standard on anti-money laundering and crypto trading fund (AML/CTF) for digital assets, similar to what South Africa did. Execution is what will make the difference. We’ve never been lacking in regulations.”
Broader Implications
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The situation has far-reaching implications for U.S.-Nigeria relations and the broader crypto industry. The resolution and the calls for action highlight the need for international cooperation in upholding justice and protecting business executives operating in foreign territories.
Earlier in July, Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, tasked the newly inaugurated SEC board with addressing the complexities of crypto regulation, reflecting the Nigerian government’s awareness of the issue’s importance.
In May 2024, the Senate Committee on Capital Markets had called for crypto regulation to ensure accountability and protect investors’ funds. Osita Izunaso, chairman of the committee, emphasized the necessity of regulation, stating:
“The issue of cryptocurrency must be regulated because Nigerians are trading in crypto. Since Nigerians are trading in crypto, why are we not regulating it? Where is the money going if we don’t regulate activities in the crypto market?”
Conclusion
The resolution introduced by U.S. Congress members McCormick and Hill represents a significant diplomatic effort to secure Tigran Gambaryan’s release. As international scrutiny grows, the outcome of this case could set a precedent for how similar situations are handled in the future. The resolution underscores the critical need for robust diplomatic engagement and international cooperation to ensure justice and protect the rights of individuals in the global business environment.