Tigran Gambaryan, a high-ranking official at Binance, has recently taken legal action against the National Security Adviser (NSA) and the Economic and Financial Crimes Commission (EFCC) in Nigeria. This bold move comes after Gambaryan, an American citizen, was wrongfully detained by Nigerian authorities. The case sheds light on the questionable tactics employed by the Nigerian government to put pressure on Binance.
Gambaryan’s lawyer, T.J. Krukrubo SAN, presented the case before the Federal High Court in Abuja, highlighting the fact that his client’s detention is being used as leverage by the Nigerian government to extract demands from Binance. The details from the suit paint a picture of a meeting gone wrong, where Gambaryan and Nadeem Anjarwalla were detained by Nigerian authorities following an invitation from government officials. Despite committing no offense, Gambaryan finds himself in custody, while Anjarwalla managed to escape.
It is evident from the court documents that the Nigerian government is resorting to drastic measures to pressure Binance into compliance. Gambaryan argues that Binance has a track record of cooperation with Nigerian law enforcement, responding to numerous requests for information and aiding in various seizures and recoveries. However, the continued detention of Gambaryan raises serious concerns about his fundamental rights as guaranteed by the Nigerian Constitution.
Seeking justice, Gambaryan has requested several orders from the court, including a declaration that his detention violates constitutional provisions on personal liberty, an immediate release from custody, and a perpetual injunction against any further detention related to Binance investigations. Additionally, he has demanded a public apology from the Nigerian authorities. During the court proceedings, Krukrubo informed Justice Inyang Ekwo that the respondents, NSA and EFCC, were yet to respond to the application, prompting an adjournment to allow the respondents time to address the allegations.
This legal battle unfolds against the backdrop of increased scrutiny on cryptocurrency exchanges in Nigeria. With accusations of influencing foreign exchange rates and stricter regulations being imposed on crypto trading platforms, the detention of Gambaryan and Anjarwalla serves as a stark reminder of the challenges faced by businesses operating in the crypto space. The economic repercussions of these actions are also evident, with the devaluation of the Naira against the dollar and the scarcity of dollars leading to further economic instability in Nigeria.
The case of Tigran Gambaryan against Nigerian authorities highlights the complexities and risks associated with operating in the cryptocurrency industry, especially in jurisdictions with unclear regulatory frameworks. The outcome of this legal battle could have far-reaching implications for both Binance and the broader crypto community. Ultimately, the case underscores the importance of upholding fundamental rights and the rule of law in all dealings between businesses and governments.
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