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US under pressure to release imprisoned Binance executives
"This article is about the growing pressure on the Biden administration to work for the release of the detained Binance executives. There are increasing calls for the US to act quickly to secure the release of Tigran Gambaryan, a Binance executive and former US federal official, and another Binance executive, Nadeem Anjarwalla. The US Chamber of Commerce for Digital Economy appeals for diplomatic intervention, calling the detention a grave injustice. Learned Learn more about the case and its potential implications for international law and diplomatic relations."
US under pressure to release imprisoned Binance executives
The Biden administration is under increasing pressure to push for the release of Binance executives held in Nigeria. The US digital currency trade association has issued an urgent appeal calling for diplomatic intervention. The arrest of Tigran Gambaryan, a former US federal agent and Binance executive, and another Binance executive, Nadeem Anjarwalla, took place on February 26, 2024 and is considered a “serious violation of the law.”
Impact and context
The U.S. Digital Currency Chamber of Commerce argues that Gambaryan's arrest sets a troubling precedent and suggests that any American entrepreneur abroad, particularly in the cryptocurrency industry, could face similar unlawful actions by foreign authorities. The detained executives are being held without due process, posing a significant challenge to international legal norms and diplomatic relations.
Nigeria is a U.S. ally but receives over $1 billion in foreign aid annually. The detention of the Binance executives came shortly after Binance officially announced its withdrawal from Nigeria, further complicating the situation. Pressure from regulators and penalties from the Nigerian government resulted in Binance having to suspend all services involving the Nigerian naira.
Tigran Gambaryan has already been involved in high-profile cases such as the investigation into the Silk Road dark web drug market and the takedown of the Welcome to Video network for cryptocurrency-based child abuse material.
Table: Information about Binance Executives
| name | nationality | Job title | Connection to Binance |
|---|---|---|---|
| Tigran Gambaryan | American | Binance Executive, former agent | Involved in well-known criminal cases and at Binance |
| Nadeem Anjarwalla | Dual Citizen: UK and Kenya | Binance Executive | Binance Executive from UK and Kenya |
Gambaryan's arrest could set troubling precedents
The arrest of Tigran Gambaryan, a Binance executive and former US federal agent, under questionable circumstances could set a troubling precedent. The US digital currency trade association argues that this could mean that American entrepreneurs abroad, particularly in the cryptocurrency industry, could face similar unlawful actions by foreign authorities. The lack of due process in Gambaryan's arrest is seen as a challenge to international legal norms and diplomatic relations.
Background to Gambaryan and Anjarwalla's arrest
According to their families, Tigran Gambaryan and Nadeem Anjarwalla, a Binance executive with British and Kenyan citizenship, traveled to Abuja, Nigeria, on February 25, 2024, to respond to an invitation from the Nigerian government. The meeting was intended to address the ongoing dispute between Binance and the Nigerian government over the platform's alleged illegal activities in the country.
After the two executives met with Nigerian officials the following day to discuss the government's directive to restrict access to Binance and other cryptocurrency exchanges, they were escorted to their hotels shortly after the meeting and ordered to collect their personal belongings. According to the families, they were then taken to a "guest house" managed by Nigeria's National Security Agency. The arrests of Gambaryan and Anjarwalla came shortly before Binance officially announced its withdrawal from Nigeria on March 5.
Binance is under regulatory pressure in Nigeria
Binance has faced increased regulatory pressure in Nigeria. The Nigerian government had previously imposed a $10 billion fine to combat the platform as part of a move to stabilize the national currency. Binance was then forced to suspend all services using the Nigerian Naira and will no longer allow NGN withdrawals after March 8th.
The arrests of Gambaryan and Anjarwalla shed further light on the increasing challenges Binance is facing in different countries as it tries to expand its operations and adapt to different regulatory frameworks.
It remains to be seen how the Biden administration will respond to pressure to secure the release of the two detained Binance executives. Diplomatic intervention will be crucial to address the rights violation and avoid further precedents.
This post refers to a press release. The information in this article is truthful and based on published facts.