Latest news with #Gambaryan
Yahoo
2 days ago
- Business
- Yahoo
Tigran Gambaryan, Binance Exec Who Was Detained in Nigeria for Nearly a Year, Departs Crypto Exchange
Tigran Gambaryan, the former U.S. federal agent who led Binance's financial crime compliance efforts, announced that he is leaving the company after a tumultuous four-year tenure. Gambaryan, once a IRS investigator, joined Binance in 2021 when the crypto exchange was under growing scrutiny for its lax compliance with anti-money laundering regulations. At the time, Binance had no investigations team. Under his leadership, the company built a 100-person global unit staffed with former prosecutors and federal agents, he said on social media. However, His tenure at Binance took a dramatic turn in 2024, when Nigerian authorities detained him on allegations tied to the exchange's operations. Gambaryan spent eight months in prison before being released on humanitarian grounds following bipartisan U.S. political pressure. He was ultimately cleared of charges, though Nigeria continued to pursue penalties against Binance. Later on, he said it would be an honor to serve his country again, if asked to do so. In his departure message, Gambaryan reflected on his time at Binance and expressed a desire to continue bridging the worlds of enforcement, technology, and compliance. 'There's a growing need for trusted, experienced operators, people who understand how to translate between technology, enforcement, and compliance,' he wrote. 'That's where I intend to continue making a difference,' he in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Mint
3 days ago
- Business
- Mint
Binance Official Who Was Detained in Nigeria Leaves Crypto Exchange
(Bloomberg) -- Binance Holdings Ltd.'s head of financial crime compliance, Tigran Gambaryan, who was detained last year in Nigeria for about eight months, is leaving the world's largest crypto exchange. Gambaryan was released on humanitarian grounds in October after his health deteriorated while in jail. The former US Internal Revenue Service agent, who joined Binance in 2021, had been held on allegations of money laundering and currency manipulation when he traveling to Nigeria on behalf of Binance. The Nigerian government dropped the charges against Gambaryan. Gambaryan said in a message to Bloomberg News that Friday is his last day. 'Tigran has made a lasting impact on Binance, just as he did in his previous roles in law enforcement,' a Binance spokesperson said in a statement. '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.' Binance Chief Executive Officer Richard Teng had claimed in a blog posting that the firm was asked for a 'secret' payment to make its problems go away. Nigeria rejected the allegation of bribery. When Gambaryan was working for the US government, he earned the nickname of 'Crypto Wizard' for his experience in tracing illicit crypto transactions. His work at Binance was mainly to help the firm to improve anti-money laundering protocols and assisting global law enforcement in major assets seizures at the time when the largest crypto exchange was under increased regulatory pressure around the world. Last week, the US Securities and Exchange Commission moved to end its legal battle against Binance. The regulator and the exchange's co-founder, Changpeng Zhao, filed a joint motion on May 29 to stay the case in the US District Court for the District of Columbia. The SEC sued Binance in June 2023, alleging the firm and Zhao mishandled customer funds, misled investors and regulators and violated US securities laws. The regulator also accused Binance of offering unregistered securities to US investors. Binance and Zhao in November 2023 pleaded guilty to separate charges that it violated anti-money laundering and US sanctions, with the firm agreeing to pay $4.3 billion. Zhao also agreed to pay a $50 million fine and step down as CEO. He served four months in a US prison. More stories like this are available on
Yahoo
21-03-2025
- Business
- Yahoo
Nigeria says it remains open to crypto despite $80B Binance lawsuit
Nigeria remains open to cryptocurrency companies, its information minister told Semafor, even as the government pursues an $80 billion lawsuit against Binance, the world's largest crypto exchange. Abuja filed the multibillion-dollar legal action against Binance last month over economic losses it says were caused by the firm's operations in the country, months after it detained one of the company's US staff members, Tigran Gambaryan, in a money laundering case. Gambaryan was released after eight months of detention and the charges against him dropped. Binance, which ceased all transactions in Nigeria in March 2024, has denied all allegations, 'This is part of the effort to strengthen our laws, not to cripple anybody. We are ensuring that no one comes and operates without regulation,' Nigerian Information Minister Mohammed Idris told Semafor in a wide-ranging interview. 'There are other companies operating in the crypto sector in Nigeria, you don't see them [facing charges].' Idris added that the government was 'really concerned' about the potential use of crypto in financing terrorism, money laundering, and tax evasion. 'It is not just Nigeria. Internationally it's also important to address illicit financial flows. You can't have a huge amount of transactions that do not meet the operations of financial dealers,' Idris said. Nigeria is second only to India on crypto adoption in the world, according to an index by data firm Chainalysis that weighs for population and purchasing power. Nigeria received approximately $59 billion in transaction value between July 2023 and June 2024, the firm said. Crypto use in the country includes holding coins as valuable assets against inflation, and as currency for international trade or remittances. In sub-Saharan Africa, Nigeria accounts for 40% of inflows of stablecoin, a kind of crypto directly pegged to the US dollar, Chainalysis said. In the suit filed in February, Nigeria said it wants Binance to pay $79.5 billion for economic losses it says were caused by Binance's operations in the country, as well as $2 billion in back taxes. The fine has drawn comparisons to Nigeria's previous punitive actions against telecom giant MTN: The South African telecom giant was handed a $5.2 billion fine in 2015 for failing to disconnect unregistered SIM cards in 2015. Nigerian authorities said unregistered SIM cards were used by criminal gangs and jihadist group Boko Haram to avoid being traced. Nigeria later accepted a reduced sum of about $1.5 billion. In 2023, MTN's Nigerian subsidiary was ordered to pay $72.6 million over a tax dispute. The Binance lawsuit, coupled with Gambaryan's account of his time in detention, has brought Nigeria's investor-friendliness under scrutiny. 'The Nigerian government has developed a habit of imposing hefty fines on companies over infractions,' according to Lagos-based publication Business Hallmark. Idris said the government was 'working to remove bottlenecks for investors' by rolling out measures to improve the ease of doing business including a review of visa rules, tax laws, and expatriate worker quotas. Foreign direct investment inflows to Nigeria have declined in recent years, falling to $1.6 billion in 2023 from $8.1 billion in 2009, according to World Bank data. The high cost of doing business is a factor in the decline, say analysts. Idris denied that Binance was being held responsible for the devaluation of the naira, which was driven by factors including the government's decision to float the currency in 2023. He maintained that the charges against Binance focused on tax evasion and money laundering, although, he said, 'Binance contributed' to the currency's devaluation. Nigeria's Securities and Exchange Commission in August issued its first two provisional crypto operations licenses to two startups — Busha and Quidax. The agency has taken an approach that recognizes crypto's potential value to Nigeria's economy as part of a broader wave of fintech innovation, even signaling a willingness to expand licensing to more providers. 'The crypto ecosystem in Nigeria remains active — people have been trading, continue to trade, and will likely keep trading,' Ngozi Okonye, a manager at Busha, told Semafor. Receiving the SEC's license has 'opened up access to banking and increased business confidence' for the startup, making it possible for previous crypto skeptics to interact with its product, she said. Details of Gambaryan's 'spiraling Nigerian nightmare,' during his eight-month detention that ended in Oct. 2024, are reported in an interview with Wired.
Zawya
20-02-2025
- Business
- Zawya
Nigeria sues Binance for $81.5bn economic, tax losses
In an unprecedented legal showdown, the Nigerian government has sued global cryptocurrency exchange Binance, demanding $81.5 billion in damages and unpaid taxes. The lawsuit claims that Binance's activities in Nigeria have caused significant economic harm and accuses the company of evading taxes on its local earnings. This marks a bold step in Nigeria's effort to regulate its rapidly growing cryptocurrency sector and hold international operators accountable. According to court documents, the government is seeking $79.5 billion for alleged economic losses and $2 billion in back taxes, covering 2022 and 2023. Related News FG wants Binance to pay $79bn for economic loss fine, $2bn tax Binance: Reps member, Ginger, refutes Gambaryan's allegations Court denies Binance executive, Gambaryan, bail Authorities have blamed Binance for contributing to Nigeria's currency challenges and detained two Binance executives in 2024, following claims that the platform facilitated trading of the naira. While Binance, unregistered in Nigeria, has yet to com-ment, it previously stated its intention to collaborate with Nigeria's Federal Inland Revenue Service (FIRS) on poten-tial historic tax liabilities. The FIRS asserted that Binance has a 'significant economic pres-ence' in the country, making it liable for corporate income taxes, along with a 10 per cent annual penalty and a 26.75 per cent interest rate on unpaid taxes based on Nigeria's lending rate. The cryptocurrency exchange already faces four charges related to tax evasion, including failure to pay value-added tax (VAT), corporate income tax, and non-compliance with tax return filings. It was also accused of enabling customers to evade taxes through its platform. Amid escalating scru-tiny, Binance halted all naira transactions in March 2024 and continues to contest the charges. The company is also battling separate money laundering allegations brought by Nigeria's anti-corruption agency, charges it has consistently denied. In a related development, Philip Agbese, a member of Nigeria's House of Represent-atives, has filed a A1 billion defamation suit against Binance executive Tigran Gambaryan. Agbese accused Gambaryan of falsely implicating him and two other lawmakers in a $150 million bribery scandal, damaging his reputation. On social media platform X, Gambaryan alleged that Nigerian officials sought personal gains from the Binance dis-pute, specifically naming National Security Adviser (NSA) Nuhu Ribadu. He claimed Rib-adu wanted payouts to fund political ambitions and even hired a U.S. law firm to negotiate his release from detention, though the effort reportedly failed. The Nigerian government dismissed these accusations as baseless, with Information Minister Mohammed Idris asserting that Gambaryan's claims lacked credibility and were aimed at intimidating officials who pursued justice. Meanwhile, the Human Rights Writers Association of Nigeria (HURIWA) has called for an independent investigation into Gambaryan's bribery allegations, urging transparency rather than outright dismissal of the claims. As the controversy deepens, public reactions remain divided, with mixed opinions on Gambaryan's allegations and Nigeria's handling of the cryptocurrency dispute. Get real-time news updates from Tribune Online! Follow us on WhatsApp for breaking news, exclusive stories and interviews, and much more. Join our WhatsApp Channel now Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
BBC News
15-02-2025
- Business
- BBC News
Accusation and counter-accusation between Binance executive and Nigeria goment
Di federal goment don dismiss claims wey Binance head of financial crime Tigran Gambaryan bin make. Gambaryan bin spend months for Nigeria detention facility sake of alleged money laundering. Dem recently try am for financial crimes but dem release am afta intervention by di United States goment. For one post for im X handle, e claim say im arrest by di Nigeria goment make former US President Joe Biden to avoid a meeting im bin plan to get wit President Bola Tinubu during di 2024 UN General Assembly (UNGA). Gambaryan blame di National Security Adviser Nuhu Ribadu for di situation and say di US goment also reduce di size of di Nigerian delegation wey fit attend di annual global assembly. E also identify three Nigerian lawmakers wey allegedly demand bribe of $150m from am. Counter accusation by federal goment For one statement from di minister of information and national orientation, Mohammed Idris, e ask Nigerians to disregard di allegations. Idris describe Gambaryan claims as a deliberate misinformation campaign. "Di federal goment of Nigeria note wit concern di outrageous allegations, misinformation, and defamatory statements wey Tigran Gambaryan, American personnel of Binance wey dey recently tried for Nigeria for financial crimes, dey disseminate," di statement tok. "Di goment bin reject Binance offer of a $5 million down payment in exchange for Mr. Gambaryan freedom, in favour of a more beneficial settlement wit American government." Idris say dem dey set di record straight to straight to prevent falsehoods from gaining spreading. The minister also address Gambaryan claims of bribery attempt, and add say im initial visit to Nigeria dey entirely discretionary and not sanctioned by any goment entity. According to am, investigation bin dey promptly initiated afta dem bring di alleged incident to di goment attention. "Di first visit by Mr. Gambaryan and am colleagues to Nigeria dey discretional on dia part and di government bin no dey officially involved. "However, wen dem call di attention of di goment to one alleged bribery demand during dat trip, investigation immediately open into am, though formal complaint by anyone no dey," e tok. Di federal goment bin detain Gambaryan and im colleague, Nadeem Anjarwalla, a 37-year-old British Kenyan wey serve as di regional manager for Africa at Binance. Dem bin charge both of dem wit money laundering involving $35 million, as initiated by di Economic and Financial Crimes Commission. Anjarwalla bin manage to escape from custody on March 22, 2024.
