Binance Executive Tigran Gambaryan’s Release Pushed By US Panel

The U.S. House Foreign Affairs Committee has passed a resolution demanding the immediate release of Tigran Gambaryan, the head of financial crime compliance at Binance. Gambaryan, a former U.S. Internal Revenue Service agent, was detained by Nigerian authorities in February, along with another Binance executive, amid allegations of illegal financial activities by the exchange. The resolution, voiced unanimously, marks a step by the U.S. government in addressing this humanitarian concern.

U.S. Demands Nigeria Free Binance Executive Amid Health Crisis

Tigran Gambaryan alongside Nadeem Anjarwalla, another executive from Binance, faced arrest after their arrival in Nigeria, under accusations related to illegal transaction. The charges against Gambaryan were filed on February 28, with Anjarwalla escaping custody in March. 

The health condition of Gambaryan, who suffers from a herniated disk and pneumonia, has prompted urgent calls from U.S. officials. The resolution, introduced by Republican Reps. Rich McCormick and French Hill, demands Gambaryan’s freedom and insists on providing him unrestricted medical care.

Legislative Support and International Diplomacy

During a session marked by a unanimous voice vote, the U.S. House Foreign Affairs Committee approved H.Res. 1348, urging the Nigerian government to release Gambaryan immediately. The resolution also requests the U.S. State Department to intensify efforts to declare Gambaryan “wrongfully detained” and mobilize all resources to secure his freedom. 

Following its approval by the committee, H.Res. 1348 is set to be presented to the full House for a vote. During the discussions, top Democrat of the committee, Rep. Gregory Meeks, expressed disappointment with Nigerian authorities. Gregory criticized the lack of response from the Nigerian government despite repeated communications.

In addition, Binance recently linked the resolution of Gambaryan’s case with its terms to comply with Nigeria’s Securities and Exchange Commission’s framework for Virtual Assets Service Providers. The crypto exchange has set clear conditions, including Gambaryan’s release, before it considers registration under this new regulatory framework. 

More so, the crypto community is closely monitoring the situation, especially with the upcoming release of Binance founder Changpeng Zhao, set for September 29, 2024. These events could influence the exchange directions and its compliance with international regulatory standards.

Despite the challenges, Binance has seen a 40% increase in institutional investors this year, signaling strong ongoing interest in crypto assets amid regulatory setbacks.