Nikolas Sargeant
Binance's head of financial crime compliance Tigran Gambaryan has departed the cryptocurrency exchange following an eight-month legal crisis in Nigeria that significantly impacted both his health and the company's international operations.
Gambaryan, a former US Internal Revenue Service agent renowned for his cryptocurrency investigation expertise, confirmed to Bloomberg News that Friday marked his final day with the exchange. His departure concludes a turbulent period that began when he traveled to Nigeria representing Binance's interests.
The Nigerian government detained Gambaryan last year on serious money laundering and currency manipulation allegations, creating a high-profile international incident that drew widespread attention to cryptocurrency regulatory enforcement across jurisdictions.
The detention period proved particularly challenging for Gambaryan, whose health deteriorated significantly during custody. Nigerian authorities ultimately released him in October on humanitarian grounds before dropping all charges, acknowledging the severity of his medical condition.
A Binance spokesperson praised Gambaryan's contributions, highlighting his transformative impact on the company's financial crimes compliance framework. The representative emphasized that his law enforcement background and dedicated efforts enhanced security across the entire cryptocurrency industry.
International Tensions Complicate Exchange Operations
The incident created substantial diplomatic tension surrounding Binance's global operations. CEO Richard Teng previously alleged in a blog post that Nigerian officials had requested undisclosed payments to resolve the case, accusations that Nigerian authorities categorically denied.
Before joining Binance in 2021, Gambaryan established himself as a premier cryptocurrency crimes investigator within the US government, earning the distinctive "Crypto Wizard" nickname for his exceptional ability to trace illicit blockchain transactions.
At Binance, his responsibilities centered on strengthening anti-money laundering protocols and supporting global law enforcement agencies with asset seizure operations as regulatory scrutiny of major cryptocurrency exchanges intensified worldwide.
His departure occurs as Binance approaches resolution of significant legal challenges in the United States, potentially marking a turning point for the exchange's regulatory standing.
Regulatory Resolution Efforts Continue Despite Leadership Changes
Recent developments suggest progress in Binance's US legal proceedings. Last week, the Securities and Exchange Commission filed a joint motion with Binance requesting a federal court case stay, indicating potential settlement discussions.
The SEC initiated legal action against Binance in June 2023, alleging mishandling of customer funds and securities law violations involving the exchange and co-founder Changpeng Zhao.
Binance and Zhao pleaded guilty to separate charges in November 2023, agreeing to substantial $4.3 billion penalty payments. Zhao received a $50 million fine, relinquished his CEO position, and served a four-month US prison sentence.
In May, Zhao confirmed submitting a formal presidential pardon application after initially denying such reports. Speaking on the Farokh Radio podcast, he explained that his legal team filed the request following widespread media speculation about pardon pursuit.
Since his legal resolution, Zhao has transitioned to international advisory work, providing cryptocurrency regulation and blockchain integration guidance to governments in Pakistan and Kyrgyzstan, demonstrating continued industry engagement despite his legal challenges.
