Binance CEO Richard Teng has spoken out following the release of Tigran Gambaryan, a high-ranking executive at the cryptocurrency exchange. Gambaryan, who was detained in Nigeria for nearly eight months, faced charges of money laundering and tax evasion.

However, after the charges were dropped, he has been allowed to return to the United States to receive medical care.

Binance CEO’s Take on Tigran Gambaryan’s Release

In a post on X, Binance CEO Richard Teng stated that he was relieved and thankful for the release of Tigran Gambaryan. Teng also thanked Gambaryan for his spirit during the time of arrest, saying that he must have gone through a lot of stress and hardships.

”We are relieved and thankful that Tigran Gambaryan has been released at last, “Teng added. 

He also noted that the health of Gambaryan is a priority and that the company is grateful that he is able to seek the necessary medical care.

Binance CEO Richard Teng also emphasized the exchanges desire to engage with the global regulators, pointing to the company’s compliance and transparency efforts. Despite the legal issues in Nigeria, Richard Teng said that Binance remained bullish on the future of blockchain particularly in Nigerian which has shown interest in digital finance.

Legal Proceedings and Charges Dropped

The Nigerian Economic and Financial Crimes Commission (EFCC) had charged Gambaryan and Binance with laundering more than $35 million. Even though the charges against Gambaryan were withdrawn so that he could seek medical treatment outside the country, the EFCC said that the case against Binance would go on.

Ongoing tax evasion charges against the cryptocurrency exchange Binance have not been ruled out, with the company denying all the allegations.

The EFCC lawyer Ekele Ihenacho told the court in Abuja that the charges against the Binance exec’s were withdrawn due to his poor health condition. Tigran Gambaryan who was arrested in February this year was released after the intervention of diplomats to ensure that he was sent out of Nigeria. Ihenacho also confirmed that these diplomatic talks facilitated the release of the Binance exec though he did not elaborate any further.

U.S. Government Response to the Release

Concurrently, U.S. National Security Advisor Jake Sullivan confirmed Tigran Gambaryan’s release on humanitarian grounds. Sullivan expressed his gratitude to Nigerian officials and diplomatic partners who worked to ensure that Gambaryan could return to the United States.

“As soon as we secured Mr. Gambaryan’s release, I called his wife to share this good news,” Sullivan said, referring to Gambaryan’s wife, Yuki, who had publicly campaigned for her husband’s release due to concerns over his deteriorating health.

Sullivan also emphasized the importance of U.S.-Nigeria cooperation, expressing hope that the bilateral relationship between the two countries would continue to strengthen. This cooperation, according to Sullivan, played a key role in the Binance exec’s release.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

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