Tigran Gambaryan, a prominent figure at Binance, has recently taken legal action against the National Security Adviser (NSA) and the Economic and Financial Crimes Commission (EFCC) in Nigeria. As an American citizen, Gambaryan is fighting against his alleged wrongful detention by Nigerian authorities.
According to Gambaryan’s lawyer, T.J. Krukrubo SAN, the Nigerian government is using Gambaryan’s detention as a tool to pressure Binance into meeting certain demands. The detention stemmed from a meeting Gambaryan had with Nigerian officials at the invitation of Saad Abubakar of the NSA and Olalekan Ogunjobi of the EFCC on February 26, 2024. Both Gambaryan and Nadeem Anjarwalla were detained following the meeting, with Gambaryan remaining in custody while Anjarwalla managed to escape.
Krukrubo argued that Gambaryan had not committed any offense during the meeting or at any other time in Nigeria. Despite Binance’s history of cooperation with Nigerian law enforcement, including responding to over 600 requests for information since 2020, Gambaryan’s continued detention is seen as a violation of his fundamental rights under the Nigerian Constitution. Seeking justice, Gambaryan has requested several orders from the court, including a declaration that his detention is unconstitutional, an immediate release from custody, and a permanent injunction against any further detention related to Binance investigations. Additionally, Gambaryan has demanded a public apology from the Nigerian authorities.
During the court proceedings, Krukrubo informed Justice Inyang Ekwo that the respondents, NSA and EFCC, had not responded to the application. As a result, the judge adjourned the case to April 8 to give the respondents time to address the allegations. This legal action comes at a time of increased scrutiny on cryptocurrency exchanges in Nigeria, with the government imposing stricter regulations following accusations of influencing foreign exchange rates. The detention of Gambaryan and Anjarwalla occurred shortly after Nigerian authorities banned cryptocurrency channels in their effort to combat currency speculation, contributing to economic challenges and the devaluation of the Naira against the dollar.
The legal battle between Tigran Gambaryan and Nigerian authorities sheds light on the complexities surrounding cryptocurrency regulations and enforcement. It underscores the importance of upholding fundamental rights and due process in the face of increased government scrutiny and regulatory actions. Gambaryan’s case serves as a reminder of the challenges faced by individuals and businesses operating in the cryptocurrency space, highlighting the need for transparency, cooperation, and accountability from all parties involved.