Binance Official Detained in Nigeria Steps Down From Compliance Role
- Tigran Gambaryan is leaving Binance after eight months of legal issues in Nigeria, with all charges now dropped.
- The SEC and Binance filed a joint motion to pause the U.S. case involving alleged securities violations and fund mismanagement.
Tigran Gambaryan, Binance’s head of financial crime compliance, is exiting the company after a prolonged legal ordeal in Nigeria. According to a report by Bloomberg, his departure comes nearly eight months after his detention by Nigerian authorities on allegations of money laundering and currency manipulation. Gambaryan confirmed that Friday marks his final day with the cryptocurrency exchange.
He traveled to Nigeria in 2023 representing Binance before his arrest and detention by local officials. Authorities accused him of being involved in unlawful financial activity during Binance’s operations in the country. However, in October, Gambaryan was released on humanitarian grounds after his health declined while in custody. Subsequently, the Nigerian government dropped all charges against him.
Role at Binance and Previous Government Work
Gambaryan worked for the U.S. Internal Revenue Service before joining Binance in 2021. He built a reputation while in office for tracking illicit cryptocurrency transactions. However, while at Binance, his work involved anti money laundering initiatives as well as aiding global law enforcement with digital asset investigations.
His role was crucial in developing Binance’s compliance procedures, given that the company had to deal with worldwide regulatory pressure. Binance recognized the value of Gambaryan in making their compliance systems better but announced he is no longer with the company this week.
Earlier, Binance CEO Richard Teng said that unknown Nigerian officials had made a request to the company to send them a secret payment.According to him, the condition was set in exchange for fewer restrictions. The Nigerian government refuted the claim and said it does not take part in any bribery or extortion.
SEC Moves to Conclude Case Against Binance
As Gambaryan departs, Binance remains in focus amid ongoing legal developments. On May 29, Binance and its co-founder Changpeng Zhao filed a joint motion with the U.S. Securities and Exchange Commission. The filing requested a stay in the legal proceedings at the U.S. District Court in Washington, D.C.
The SEC originally sued Binance in June 2023, accusing the company and Zhao of mismanaging customer funds and violating U.S. securities regulations. The lawsuit included claims of offering unregistered securities and misleading investors.
In November 2023, Binance and Zhao entered guilty pleas in separate cases involving sanctions violations and money laundering failures. Binance agreed to pay $4.3 billion in penalties, while Zhao paid $50 million and resigned as CEO. Zhao also served four months in a U.S. prison following sentencing.
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Binance Official Detained in Nigeria Steps Down From Compliance Role
- Tigran Gambaryan is leaving Binance after eight months of legal issues in Nigeria, with all charges now dropped.
- The SEC and Binance filed a joint motion to pause the U.S. case involving alleged securities violations and fund mismanagement.
Tigran Gambaryan, Binance’s head of financial crime compliance, is exiting the company after a prolonged legal ordeal in Nigeria. According to a report by Bloomberg, his departure comes nearly eight months after his detention by Nigerian authorities on allegations of money laundering and currency manipulation. Gambaryan confirmed that Friday marks his final day with the cryptocurrency exchange.
He traveled to Nigeria in 2023 representing Binance before his arrest and detention by local officials. Authorities accused him of being involved in unlawful financial activity during Binance’s operations in the country. However, in October, Gambaryan was released on humanitarian grounds after his health declined while in custody. Subsequently, the Nigerian government dropped all charges against him.
Role at Binance and Previous Government Work
Gambaryan worked for the U.S. Internal Revenue Service before joining Binance in 2021. He built a reputation while in office for tracking illicit cryptocurrency transactions. However, while at Binance, his work involved anti money laundering initiatives as well as aiding global law enforcement with digital asset investigations.
His role was crucial in developing Binance’s compliance procedures, given that the company had to deal with worldwide regulatory pressure. Binance recognized the value of Gambaryan in making their compliance systems better but announced he is no longer with the company this week.
Earlier, Binance CEO Richard Teng said that unknown Nigerian officials had made a request to the company to send them a secret payment.According to him, the condition was set in exchange for fewer restrictions. The Nigerian government refuted the claim and said it does not take part in any bribery or extortion.
SEC Moves to Conclude Case Against Binance
As Gambaryan departs, Binance remains in focus amid ongoing legal developments. On May 29, Binance and its co-founder Changpeng Zhao filed a joint motion with the U.S. Securities and Exchange Commission. The filing requested a stay in the legal proceedings at the U.S. District Court in Washington, D.C.
The SEC originally sued Binance in June 2023, accusing the company and Zhao of mismanaging customer funds and violating U.S. securities regulations. The lawsuit included claims of offering unregistered securities and misleading investors.
In November 2023, Binance and Zhao entered guilty pleas in separate cases involving sanctions violations and money laundering failures. Binance agreed to pay $4.3 billion in penalties, while Zhao paid $50 million and resigned as CEO. Zhao also served four months in a U.S. prison following sentencing.
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