Tigran Gambaryan, a Binance executive, recently shared his harrowing experience of being held in Nigerian detention for eight months in 2024. Gambaryan, who is the head of financial crime compliance at Binance, spoke about his ordeal at the DC Blockchain Summit on March 26.

According to Gambaryan, the Nigerian government had held him hostage and used criminal charges of tax evasion and money laundering as a pretext to extort something from Binance. He revealed that he saw signs of his potential release about a month before he was finally returned to the US.

Gambaryan also mentioned that the pressure on the Nigerian government to release him increased during the United Nations General Assembly in 2024. The government realized that he was more of a liability than an asset, as they had initially thought, and decided to hand him over to US authorities.

Since his release in October, Gambaryan has made few public statements about his detention and release. However, reports from Nigeria and his family suggest that his health deteriorated during his time in custody, with cases of pneumonia, malaria, and a herniated disc.

This is a developing story, and more information will be added as it becomes available. Gambaryan’s experience sheds light on the challenges faced by individuals and companies operating in the cryptocurrency industry, especially in countries with unclear regulations and government pressure.

The Binance executive’s story serves as a reminder of the importance of regulatory compliance and the risks involved in operating in the crypto space. It also highlights the need for clear and transparent regulations to protect individuals and businesses from potential exploitation by governments.

Gambaryan’s speech at the DC Blockchain Summit was a powerful reminder of the challenges faced by the crypto industry and the need for continued efforts towards creating a safe and regulated environment for its growth. As the industry continues to evolve, it is crucial for companies and individuals to stay informed and compliant to avoid similar situations.