Tigran Gambaryan, the Binance executive who was detained for eight months in Nigeria before his release in October 2024, has formally resigned from the crypto exchange. In a June 6 X post, Gambaryan announced his departure from Binance, stating, “Today is my last day at Binance, marking the end of a chapter I’m deeply proud of.”
During his time at Binance, Gambaryan built and led the company’s first global investigations function, growing it to more than 150 professionals. He worked closely with law enforcement agencies worldwide, helping to align Binance with US and international enforcement standards.
Gambaryan expressed his gratitude to Binance founder CZ, saying, “His support for our mission never wavered, and I’ll always be grateful for the trust he placed in me and the team.”
Read also: Nigeria to set Binance Executive Tigran Gambaryan free; drops all charges against him.
Future Plans
Gambaryan intends to remain in the crypto industry, leveraging his expertise to make a difference. He stated, “As digital assets increasingly converge with traditional finance and national security, there is a growing need for trusted, experienced operators… That is where I intend to continue making a difference, whether back in public service or with a mission-driven institution in the private sector.”
Gambaryan’s Resignation Note on X:
Today is my last day at Binance, marking the end of a chapter I’m deeply proud of.
When I joined, Binance, like most crypto exchanges at the time, didn’t have an investigations team. But it did have a founder, @cz_binance, who was committed to bringing in experienced leadership to help the company engage more constructively with law enforcement. His support for our mission never wavered, and I’ll always be grateful for the trust he placed in me and the team.
Over the past four years, I built and led Binance’s first global investigations function, growing it to more than 150 professionals, many of them former federal agents, prosecutors, and analysts. Together, we helped align Binance more closely with U.S. and international enforcement standards and trained thousands of law enforcement officials around the world to better protect their citizens from financial crime.
In our first year alone, we responded to more than 57,000 law enforcement requests and helped deliver real-world outcomes, arrests, prosecutions, and asset seizures, on cases tied to terrorism financing, transnational fraud, narcotics, and cybercrime.
Some cases I’ll never forget include:
Assisting the Royal Thai Police in dismantling a $270M crypto fraud network targeting American and Thai citizens.
Identifying ISIS-linked wallets funding international terror operations, leading to arrests and disrupted flows.
Supporting Nigeria’s EFCC in recovering over $400,000 in illicit funds and training more than 70 of their agents in advanced blockchain investigations.
I’ve done all that I can at Binance, and need to refocus my time and efforts towards new challenges.
As digital assets increasingly converge with traditional finance and national security, there’s a growing need for trusted, experienced operators, people who understand how to translate between technology, enforcement, and compliance. That’s where I intend to continue making a difference, whether back in public service or with a mission-driven institution in the private sector.
To those in government, law enforcement, and financial services who stood by me and my family this past year…thank you. Your support meant everything. I look forward to standing alongside you again soon, wherever the next mission leads.
CZ sympathizes with Gambaryan.
CZ, the founder of Binance, replied to Gambaryan’s post, expressing sympathy for what he had to go through in Nigeria. CZ tweeted, “Feel sorry for what you had to go through in Nigeria, especially after all you have done FOR them. And thanks for building an industry-leading law enforcement collaboration team at @Binance. Good luck in your future endeavors.”
The end of an era for Binance
Tigran Gambaryan’s resignation from Binance marks the end of an era for Binance. Gambaryan joined Binance when CZ was still the CEO of the global digital assets exchange. During his tenure as the head of financial crime compliance, Gambaryan built and led Binance’s global investigations function, growing it to over 150 professionals and aligning the company with US and international enforcement standards. He expressed gratitude to Binance founder CZ, appreciating the trust he placed in him and the team.
Background on Gambaryan’s Detention
Gambaryan and fellow Binance executive Nadeem Anjarwalla were detained by Nigerian law enforcement in February 2024. While Anjarwalla escaped and fled to Kenya, Gambaryan remained in custody, pleading not guilty to charges of money laundering and tax evasion. After months of international pressure, the Nigerian government dropped the charges, and Gambaryan was released in October 2024.
As Gambaryan embarks on a new chapter, his experience in Nigeria serves as a reminder of the complexities and challenges faced by crypto personnel operating in emerging markets.
Read also: Nigeria vs. Binance: Gambaryan’s “untold story” and national concerns.
Ongoing Prosecution of Binance in Nigeria
Despite Gambaryan’s release, Nigeria continues to prosecute Binance in court. The government is seeking an $81 billion fine, alleging that Binance harmed the country’s economy by failing to register and pay taxes. The case has been marred by procedural mishaps, including a misspelled name and incorrect email address in court documents. Binance has denied the charges and pleaded not guilty in the money laundering and tax cases.
Read also: Nigeria charges Binance $81.5 billion for economic losses and tax evasion.
Key Issues in the Binance-Nigeria Dispute
- Economic Distortion: Nigeria alleges Binance harmed the country’s economy by failing to register and pay taxes, seeking $81 billion in damages.
- Money Laundering: Binance is accused of laundering $35.4 million for illicit actors.
- Tax Evasion: Binance faces charges of tax evasion, with the Nigerian government demanding $2 billion in back taxes and interest.
The seemingly endless dispute raises questions about why the matter has not been settled between the parties, notwithstanding the criminal nature of the charges, especially considering the economic angle of the case. A settlement could potentially give both Binance and Nigeria a fresh start, particularly at a time when the country’s crypto licensing and tax regimes have been relatively addressed recently, thus improving clarity and certainty in the crypto industry. However, the Nigerian government appears determined to pursue the case, with the Minister of Information defending the country’s due process.
Read also: Nigeria’s detention of Binance executive sparks concerns over regulatory approach.
Image source: Tigran Gambaryan’s X post
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