The ongoing saga between Nigeria and cryptocurrency exchange Binance has taken a new turn. Tigran Gambaryan, a Binance executive who was detained by Nigerian authorities, has filed a lawsuit against the National Security Adviser (NSA) and the Economic and Financial Crimes Commission (EFCC).
Nigeria’s Concerns and the Standoff with Binance
Nigeria has been grappling with several financial and security challenges. In this context, authorities have raised concerns about cryptocurrency use, particularly on platforms like Binance. They suspect the platform could be facilitating money laundering or other illegal activities. Binance, however, denies these accusations.
This tension led to a standoff. Binance halted trading with the Nigerian Naira currency and Nigerian authorities detained two Binance executives, including Gambaryan.
Gambaryan’s Lawsuit: Accusations and Demands
Gambaryan claims his detention and the seizure of his passport violate his fundamental human rights under the Nigerian Constitution. He is suing for his immediate release and the return of his passport. He also wants a court order preventing the NSA and EFCC from detaining him further and a public apology.
Gambaryan’s Perspective: Cooperation and Confusion
According to Gambaryan, he and his colleague (who has since escaped custody) were invited to Nigeria by the NSA and EFCC to discuss Binance’s operations. He insists he committed no crime and was not informed of any accusations against him. He maintains that his detention is solely because the government seeks information from Binance.
The Legal Battle Unfolds
Both Gambaryan and his escaped colleague filed lawsuits. While Gambaryan’s lawyer appeared in court, there was no representation for the Nigerian government. The lawyer for the escaped executive has also withdrawn from the case for undisclosed reasons.
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