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Pressure is growing on Biden to help free detained Binance executives.

Growing pressure on President Biden to help release detained Binance executives heralds growing political interest in cryptocurrencies and international economic relations.

Date: 2024-03-18 Author: Marek Stiller
Pressure is growing on Biden to help free detained Binance executives.

Pressure is mounting on the Biden administration to intervene and release the detained Binance executives.

The administration is facing increasing calls to take swift action to secure the freedom of Tigran Gambaryan, a Binance director and former U.S. federal agent, and another Binance director, Nadeem Anjarwalla, who have been detained by the Nigerian government since February 26, 2024.

on March 15, the U.S. Digital Chamber of Commerce issued an appeal via a blog post on its website, raising the plea for urgent diplomatic intervention to remedy what it considers a grave injustice.

Gambaryan’s detention could set a disturbing precedent

Explaining that Gambaryan ‘s detention under questionable circumstances sets a disturbing precedent, the Digital Chamber of Commerce suggests that any U.S. businessman abroad, especially in the cryptocurrency industry, could face similar illegal actions by foreign authorities.

In a recent blog post, they wrote: “The unjustified detention of Tigran Gambaryan is more than a legal issue; it is a matter of national dignity and the protection of American citizens around the world.”

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According to the Chamber of Digital Commerce, Gambaryan’s detention is illegal and represents a serious challenge to the principles of international law and diplomatic relations.

Nigeria, which receives more than $1 billion in U.S. foreign aid annually, is a U.S. ally. Reports of Gambaryan and Anjarwalla’s detention surfaced in late February, and the Financial Times reported on the detentions without directly naming the executives.

Gambaryan and Anjarwalla detained after meeting with officials

According to the families, Gambaryan and Anjarwalla, the latter a dual citizen of the UK and Kenya, arrived in Abuja on February 25 in response to an invitation from the Nigerian government to discuss an ongoing dispute with Binance over his alleged illegal activities in the country.

The executives reportedly met with Nigerian officials the following day to discuss a government directive to telecommunications providers to restrict access to Binance and other cryptocurrency exchanges.

Officials attributed the devaluation of Nigeria’s official currency, the naira, and the facilitation of illicit financial flows to cryptocurrency exchanges. However, instead of reaching a consensus, shortly after the meeting Gambaryan and Anjarwalla were escorted to hotels and instructed to gather their belongings.

According to their families, they were then taken to a “guesthouse” managed by the Nigerian National Security Agency. Gambaryan and Anjarwalla’s arrests came just days before Binance officially announced his departure from Nigeria on March 5, further complicating the situation.

Prior to joining Binance, Gambaryan was involved in high-profile cases, including an investigation into the Silk Road black market drug market and the removal of the crypto-based Welcome to Video network containing child sexual abuse material.

As we reported, Binance recently had to discontinue all services related to Nigeria’s local fiat currency, the Nigerian naira(NGN), following regulatory scrutiny. The world’s largest cryptocurrency exchange said it would suspend NGN payments after March 8.

Earlier, the Nigerian government imposed a staggering $10 billion fine on Binance as part of attacks on the platform aimed at destabilizing the country’s local currency.

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Marek Stiller
Marek Stiller
Founder of the "Cryptocurrency for Beginners" channel on YouTube. He collaborates with Łukasz to form the Arena Trading group, while at the same time being passionate about blockchain technology. His knowledge and experience in the cryptocurrency industry help beginner investors better understand this dynamic market.
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