Recall that the Binance executive named three Nigerian lawmakers who allegedly demanded a $150 million bribe from him.

The head of financial crime of crypto firm Binance, who was detained in Nigeria for several months and was discharged by a Federal High Court in October 2024.

But, Mohammed Idris, the minister of Information and National Orientation, said the government has “noted with concern the outrageous allegations, misinformation, and defamatory statements being disseminated by Tigran Gambaryan, an American personnel of Binance who was recently tried in Nigeria for financial crimes”.

“While the Federal Government of Nigeria is reluctant to engage Mr. Gambaryan, due to the high-level diplomatic intervention that resolved his case, we are compelled to set the record straight to prevent his falsehoods from gaining traction”.

The Minister said that the first visit of Tigran Gambaryan and his colleagues to Nigeria was at their own discretion, and the Government was not officially involved.

“However, when the Government’s attention was drawn to an alleged bribery demand during that trip, an investigation was immediately launched, despite there being no formal complaint from anyone.

Mr. Gambaryan’s second visit to Nigeria was part of a wider probe into the criminal manipulation of the Nigerian currency through peer-to-peer platforms like Binance, but investigators were frustrated by the tactics deployed by Gambaryan and his team.

Mr. Gambaryan was released by the Nigerian government in October 2024 on humanitarian grounds and following a high-level diplomatic intervention that ended with tangible benefits for Nigeria.

The government rejected Binance’s offer of a $5 million down payment in exchange for Mr. Gambaryan’s freedom, in favour of a more beneficial settlement with the American government.

“We categorically deny the retaliatory claims made by Mr. Gambaryan against Nigerian officials involved in his case, and we urge the public to disregard these false accusations in their entirety.

“It is essential to note that Mr. Gambaryan’s allegations are not only unsubstantiated but also lack credibility, given his apparent motive to discredit and intimidate those who ensured he faced justice.

“However, we are confident that both the Nigerian and American judicial systems will provide Mr. Gambaryan with a fair opportunity to substantiate his claims in court. Until then, we advise the public to exercise caution and not be swayed by Mr. Gambaryan’s unfounded and malicious claims”.

This is the first time Tigran Gambaryan would comment, revealed what transpired from the time, himself and Nadeem Anjarwalla, another Binance executive were arrested in Nigeria

It all started on March 1, 2024 in the first of tumbling naira, the Office of the National Security Adviser (NSA) has said the Federal Government was investigating the operations of Binance, a cryptocurrency exchange company.

Afterwards, officials of the company were detained and subsequently charged to court.

After his release in October 2024, Tigran Gambaryan left the country.

Today 14/2/2024, using his verified X handle, he provided details of alleged bribe demands naming three Nigerian lawmakers, including the date it occurred and the conditions under which it was demanded:

READ:

“Some Unknown Facts- you can read the rest in the Wired article and the NPR story.

The DSS was involved in the House of Representatives matter. We met with them at their office on Friday, January 5, 2024, as a prerequisite to our meeting with the House of Representatives. They alluded to the fact that we had to comply with whatever the House members instructed us to do. 

At the House meeting, there were three members present. Two of them were Peter Akpanke and Philip Agbese, both working under the leadership of Ginger Obinna Onwusibe. There was a third House member, but I don’t recall his name. They set up fake cameras and media to make the meeting appear official, but the cameras weren’t even plugged in. As you may already know, this ended with them asking for a $150 million bribe, paid in cryptocurrency into their personal wallets. A Mickey Mouse operation at its best.

@NuhuRibadu invited us to the official meeting and worked through Sa’ad Abubakar. Another key figure in this situation was Hamma Adama Belloji. Ogunjobi was just a pawn; they used him too. This was a sold as a friendly meeting with the NSA, the head of the SEC, and the CBN governor and include the discussion of the bribe that was solicited by the house of representatives.

The $26 billion figure they kept pushing publicly as some mystery money escaping Nigeria is complete BS. This information was provided in response to their request and was simply cumulative trade data for Nigerians on the platform. This money didn’t leave Nigeria—it was just people buying and selling crypto. For example, if you trade $100 a hundred times, that’s $10,000 in trade volume, but in reality, you only used $100. Again, just another example of them lying to cover up their BS investigation.

They lied about Nadeem escaping during mosque prayers. In reality, he returned and escaped afterward. I don’t know exactly how he managed to flee. He emailed me in November, but we haven’t discussed the details of his escape. It’s possible he paid someone off, but I have no proof. If Belloji had simply checked his passport for a visa, he would have realized that Nadeem did not use that passport to travel to Nigeria.

They sent a letter to the U.S. Embassy and the British High Commission, falsely claiming that we were voluntarily participating in strategic talks. This was a blatant lie.

Nadeem did not escape lawful detention—we were being held illegally. Belloji even admitted that he would fabricate evidence to obtain a court order to detain us for 14 days. Once the court order expired, they were unable to get an extension from the judge. At that point, they continued holding us illegally and had no justification for doing so.

There was a lot of noise about using Interpol to capture Nadeem. As someone who has been involved in multiple extradition cases, I can confidently say this was a joke. Extradition is a lengthy legal process, and no rational judge in Kenya or wherever would ever approve extradition for someone who escaped illegal detention at the hands of rogue law enforcement—especially when that detention involved holding employees hostage to pressure their employer. All noise.

They tried to use us to violate international privacy laws by demanding user data on all Nigerians to target opposition members allegedly “manipulating the price of the naira.” However, they all knew that the naira’s devaluation was a direct result of Tinubu’s monetary policy, which depegged the naira from the dollar. I’m not saying this policy decision was wrong, but everyone understood that removing government intervention would lead to extreme devaluation. Instead of acknowledging this, they used Binance as a scapegoat.

They also detained innocent EFCC detectives who weren’t even present when Nadeem “escaped.” If anyone should have been detained, it was Belloji, for multiple basic law enforcement failures, incompetence, and negligence- including:

• Failing to search our belongings
• Not checking passports for visas
• Neglecting to coordinate with    immigration to issue travel restrictions or alerts
• Mismanaging the situation internationally, creating an unnecessary diplomatic crisis

We had a strong working relationship with Nigerian law enforcement, but their greed destroyed all cooperation between Nigeria and the entire industry.

They even threatened administrators at Nizamiya Hospital, instructing them not to admit me when I was extremely ill. Additionally, they pressured the hospital to withhold my medical records from my attorneys. This was later confirmed by the Turkish Ministry of Health when my friend met with their officials in Turkey. 

Ribadu emphasized that he wanted billions in payouts to fund his future political ambition. However, when the corruption scandal came to light, he was trapped—because any settlement would now be perceived as a bribe. I guess he really wanted his boss’ job

Ribadu even hired a U.S. law firm to negotiate my release, but this failed due to their incompetence and greed.

Looking at you Idayat Hassan.

Ribadu overstepped his authority and embarrassed Nigeria in front of U.S. National Security Advisor Jake Sullivan.

Ribadu acting like an asshole angered the White House and led to diplomatic repercussions—the U.S. limited visas to the Nigerian delegation for UNGA, and Biden refused to meet with Tinubu until my situation was resolved.

In the end, Ribadu overestimated his influence. They thought they could secure a quick win, but instead, they created an international incident, exposing his incompetence on a global scale.

That’s it’s for me for now. I don’t want to dwell on this, but it’s important for Nigerians to get the facts. I met amazing people in Nigeria. It’s a shame that these muppets are in charge”.

The head of financial crime of crypto firm Binance, who was detained in Nigeria for several months and was discharged by a Federal High Court in October 2024.

Techeconomy had reported that Mr Gambaryan and another Binance official were detained by the Nigerian government which accused their firm of money laundering and encouraging criminality in Nigeria.

He was only released after the government dropped the charges against him following the intervention of the US government.

The Binance chief, during his detention, mentioned that some lawmakers demanded bribes from him to stave off his arrest and prosecution.

On Friday, he named the suspects in a post on his verified X (formerly Twitter). He named the suspects – Peter Akpanke, Philip Agbese and Ginger Obinna Onwusibe.

Paradoxically, Mr Onwusibe heads the House of Representatives Committee on anti-corruption. Mr Agbese is the deputy spokesperson of the House.

Efforts are ongoing to get the accused persons to speak but the House has in the past denied demanding bribes from the Binance chief.

In his post, Mr Gambaryan provided details of the bribe demand, including the date it occurred and the conditions under which it was demanded.

“The DSS was involved in the House of Representatives matter. We met with them at their office on Friday, January 5, 2024, as a prerequisite to our meeting with the House of Representatives. They alluded to the fact that we had to comply with whatever the House members instructed us to do.

“At the House meeting, there were three members present. Two of them were Peter Akpanke and Philip Agbese, both working under the leadership of Ginger Obinna Onwusibe. There was a third House member, but I don’t recall his name. They set up fake cameras and media to make the meeting appear official, but the cameras weren’t even plugged in. As you may already know, this ended with them asking for a $150 million bribe, paid in cryptocurrency into their personal wallets. A Mickey Mouse operation at its best.”

This brings the end to an eight-month ordeal, during which he faced allegations including money laundering and tax evasion.

Following a ruling from the Federal High Court, Gambaryan left Kuje prison late Wednesday night, allowing him to return to the United States for urgent medical care. 

The court’s decision, supported by the Economic and Financial Crimes Commission (EFCC), brought to light the deterioration of Gambaryan’s health during his detention, prompting the need for specialised treatment.

In response to his release, the U.S. government expressed appreciation to Nigeria for facilitating Gambaryan’s return. Secretary of State Antony Blinken issued a statement, thanking the Nigerian government for its cooperation and emphasising the importance of U.S.-Nigeria relations.

Blinken stated, “The United States thanks the Government of Nigeria for releasing U.S. citizen Tigran Gambaryan on medical grounds, allowing him to return to the United States to receive the specialized medical care he requires.

“This positive outcome demonstrates the strength of the U.S.-Nigeria partnership and highlights our shared commitment to working together to advance our common interests.  Our close law enforcement cooperation remains a cornerstone of our bilateral relationship, and the United States is committed to working closely with the Government of Nigeria to address mutual concerns and prioritize the safety and well-being of our citizens.”

Gambaryan’s family are greatly relieved following his release, particularly his wife, Yuki Gambaryan, who stated, “It is a huge relief that this day has finally come. The past eight months have been a living nightmare.” She thanked the U.S. government and supporters for their support during this challenging time.

This ruling, delivered by Justice Emeka Nwite on Wednesday, was primarily based on health issues that were supported by the EFCC itself.

Tigran Gambaryan of Binance, who had been in detention since April 2024, faced allegations relating to money laundering tied to cryptocurrency transactions.

His legal representatives presented evidence that his health had severely deteriorated during his time in custody, requiring immediate medical attention that was unavailable in the correctional facility.

Initially, the EFCC opposed Gambaryan’s bail application, claiming that his health issues were exaggerated. However, new medical reports submitted during the hearings revealed that his condition was indeed critical and could not be properly managed while incarcerated.

The court was later informed that Gambaryan’s health had deteriorated further, to the extent that he now required a wheelchair for mobility. Despite the efforts of the Nigerian Correctional Service, his condition could not be effectively managed within the facility, and it was revealed that he would need surgery, with a lengthy recovery period that could delay the trial process.

In light of this, the EFCC acknowledged that Gambaryan’s limited role at Binance had little bearing on the investigation and, after reviewing the case in consultation with the federal government, it was decided that continuing the charges against him would serve little purpose. 

Diplomatic considerations, including ongoing engagements between Nigeria and the U.S., also played a part in the decision to drop the charges.

During the hearing, EFCC counsel Ekele Iheanacho SAN requested that the court discharge Gambaryan, which Gambaryan’s lawyer, Mark Mordi SAN, did not oppose. Mordi, however, urged the court to consider issuing a full acquittal in light of the prosecution’s admission of his client’s limited involvement.

In his ruling, Justice Nwite noted the importance of ensuring Gambaryan receives proper medical care, stating that the medical documentation presented showed an urgent need for specialized treatment. 

He subsequently struck out the money laundering charge, ordering that Gambaryan be immediately released from the custody of the Nigerian Correctional Service, Kuje.

The court also adjourned the trial of Binance itself to November 22, 2024, for continuation of proceedings, bringing an end of Gambaryan’s personal charges after months of detention. 

During today’s hearing, Tigran Gambaryan was allegedly denied the use of a wheelchair, forcing him to enter the court on crutches despite being in visible pain and distress. 

Reports claim that he broke down in tears in court, prompting his lawyers to file a new bail application on medical grounds and due to restricted access to their client. 

The EFCC prosecutor reportedly opposed the application, arguing that Tigran Gambaryan is not in ill health, despite the partial release of his medical records, which reveal the need for urgent surgery. 

It is also reported that essential parts of his medical records, including an MRI scan, were missing. Contradictorily, the EFCC prosecution also claimed that Gambaryan is refusing treatment. The judge is expected to continue hearing the bail application and trial on September 4th.

In the courtroom, Tigran Gambaryan reportedly pleaded with the judge, stating that he is not receiving proper medical care in prison and is being denied basic rights, including access to his legal counsel and embassy representatives. The judge ordered that he be allowed to use a wheelchair.

Yuki Gambaryan, Tigran’s wife, has released a statement condemning the situation: “This situation is entirely unjust. My husband was unlawfully detained by the Nigerian government after being invited under false pretences for a meeting in their country. 

During this prolonged imprisonment, his health continues to deteriorate, and now, he is in so much pain that he can barely walk. The U.S. Government must do more to help Tigran. I urge them to use every available tool to free an innocent American who is at risk of permanent damage.

I am also deeply concerned about recent statements from Nigerian authorities denying Tigran’s health issues. The truth is that the prison has withheld his medical records for months, and even the partial records they finally released today say that Tigran needs surgery. They cannot keep playing games with my husband’s life like this. This entire situation is inhumane and degrading, and I am fed up. There must be consequences for this disregard of law and human rights.”

The case continues to develop, with the next hearing scheduled for September 4th.

The EFCC dismissed the severity of Gambaryan’s health issues, which his family asserts have left him unable to walk due to a herniated disc.

During a hearing at the Federal High Court in Abuja on 2 September 2024, EFCC’s lead counsel, Ekene Iheanacho, refuted claims that Gambaryan’s health had deteriorated to a level of emergency. 

This response came as Gambaryan’s lawyer, Mark Mordi SAN, sought fresh bail on medical grounds, arguing that his client’s condition necessitates urgent attention.

Gambaryan’s family, in a statement issued on 26 August 2024, alleged that he had been denied adequate medical care while in custody. 

According to the family, the lack of proper treatment has resulted in severe pain, muscle atrophy, and the need for blood thinners to prevent clots due to his immobility.

The EFCC, however, argued in court that the condition of Tigran Gambaryan is not as bad as portrayed.

Iheanacho informed Justice Emeka Nwite that the Binance executive has lived with the disc issue for over a decade and that Nigerian authorities have provided him with necessary medical care, including visits to multiple hospitals. 

He also pointed out that Gambaryan has been observed walking within the detention facility, contradicting claims that he is bedridden.

This courtroom exchange follows earlier proceedings where the judge was upset about the failure of the Kuje Correctional Centre to submit Gambaryan’s medical report as directed. 

The court had even issued a bench warrant for the arrest of the facility’s medical officer, Dr. Abraham Ehizojie, who did not appear to present the report.

Despite the EFCC’s assurances, Gambaryan himself stated in court that the inadequate treatment he received while in detention had worsened his condition, leading to nerve damage. He stated that his current state of health was a direct consequence of the lack of timely and appropriate medical care.

The case has drawn attention from many, particularly as Gambaryan, along with another Binance executive, Nadeem Anjarwalla, faces allegations of laundering over $35 million in connection with illegal activities in Nigeria. 

While the Federal Inland Revenue Service (FIRS) has dropped its tax evasion case against the executives, the EFCC is continually pursuing money laundering and foreign exchange violation charges.

In a related development, a representative from the Securities and Exchange Commission (SEC) testified that the Binance platform had become a key reference point for determining Nigeria’s exchange rates, stressing the platform’s influence in the financial market.

The legal proceedings have been adjourned to 4 September 2024, as the court continues to dig deeper into the complex and contentious issues surrounding the case. 

Meanwhile, Gambaryan’s family continues to urge the Nigerian authorities to release him on humanitarian grounds, while also questioning the conditions of his detention and the fairness of the ongoing trial.

His imprisonment has raised serious concerns regarding his deteriorating health and lack of access to proper medical care.

Reports indicate that Tigran Gambaryan, who suffers from a herniated disc in his back, is now unable to walk due to severe pain and muscle atrophy. 

He remains bed-bound, requiring blood thinners to prevent blood clots, a situation compounded by the alleged inadequate medical attention he has received in prison.

Legal obstacles have further worsened his situation. Between July 26th and August 14th, Gambaryan’s legal team was denied access to him, hindering their ability to prepare for his trial. 

Although they were briefly permitted a five-minute visit on August 15th, subsequent attempts to see him have been blocked. This denial of access contravenes the Nigerian Constitution, which guarantees the right to legal representation.

In addition, the U.S. Embassy has reportedly been unable to reach Gambaryan, as his inability to walk has prevented him from meeting visitors in the designated area. This development has further isolated him, raising considerations about his well-being and the conditions of his detention.

The legal proceedings against Gambaryan have been delayed, with the court going into recess on July 16th. Although an application to hear the case during the recess was approved, the next hearing is not scheduled until September 2nd.

Gambaryan’s prolonged detention has caused him to miss important family celebrations, including his son’s fifth birthday, his own 40th birthday, and his wedding anniversary. As he approaches his wife’s birthday on August 31st, his absence continues to take a toll on his family.

His wife, Yuki Gambaryan, has issued a heartfelt plea for his release, highlighting the severe physical and mental toll the detention has taken on him. In her statement, she conveyed deep concern for her husband’s deteriorating health, calling for immediate medical intervention and his release before irreversible damage occurs.

Gambaryan’s case has drawn international attention, with his family and supporters urging both the U.S. and Nigerian governments to act quickly to ensure his health and rights are protected. As his next court date approaches, the pressure mounts for a solution to his ongoing detention.

Reports reveal that Gambaryan’s condition has deteriorated rapidly since the Abuja court went on holiday on July 16th, postponing his next hearing until October 11th.

Tigran Gambaryan, who has pleaded not guilty to money laundering and tax evasion charges, was initially under home detention but later transferred to Kuje prison, a facility known for housing violent criminals, following the escape of his colleague, Nadeem Anjarwalla.

Gambaryan reportedly suffers from a herniated disc that requires urgent surgery, recurring bouts of malaria, double pneumonia, and has collapsed multiple times in court. Despite his worsening condition, access to his legal team has been severely restricted since July 26th, and his medical records are allegedly being withheld by prison authorities.

This is against both the Nigerian constitution and section 45 of the Nigerian Prisons Regulations which state that “all prisoners, other than prisoners under sentence, shall be allowed all reasonable opportunities daily of communicating with their friends or legal adviser, and they may write and receive letters.”

Gambaryan’s wife, Yuki, has issued a desperate plea for his release on humanitarian grounds, highlighting the severe toll his detention has taken on both his health and their family. “My husband Tigran left for a work trip almost six months ago, and I have no idea when he will be back,” she stated. “Now his health is in a shockingly bad condition and getting worse by the day.”

Yuki detailed the toll this ordeal has taken on their family, describing their children’s distress and her fears for Tigran’s well-being. “Our five-year-old son recently cried out, ‘I miss my daddy,’ and our ten-year-old daughter is trying to be strong, but this is not something a child should endure,” she added. “I am begging the Nigerian government to please release him so that he can come home and receive the medical treatment he urgently needs before it is too late.”

Gambaryan’s legal team and family continue to push for his release, pointing to both legal rights and his deteriorating health as huge bothers.

• Noah Perlman joined Binance in January 2023 during a period of the company’s compliance transformation, seeing an opportunity to shape Binance’s compliance culture and set new industry standards. 
• Binance has significantly ramped up its compliance efforts over the past three years, going from a fast-growing startup in an uncertain regulatory environment to a company that heavily invests in compliance programs and blazes the trail for the entire industry. The company has onboarded many industry experts, developed robust compliance policies and protocols, and processed close to 174,000 law enforcement requests. 
• Tigran Gambaryan, a key figure in Binance’s compliance efforts, was detained in Nigeria under dubious charges. Gambaryan, known for his role in dismantling Silk Road and other notorious cases, as well as his significant contributions to Binance’s compliance framework, faces severe conditions, including contracting malaria in custody. Noah Perlman and Binance have been actively advocating for his release. 

Recently, Noah Perlman, Binance global chief compliance officer, sat down for podcast appearances with notable content creators in the space: Fraud Eats Strategy, TRM Talks, and Chainanalysis Public Key podcasts.

On these occasions, Noah shared many insights about steering Binance to pioneer an industry-standard compliance program amid the maelstrom of global regulatory evolution of the crypto space. Below are a few recurring topics that Noah covered across all three podcasts.

On joining Binance in the middle of the storm

When Noah Perlman joined Binance in January 2023, the company had been navigating turbulent waters.

This period saw Binance facing significant scrutiny, eventually culminating in resolutions with several U.S. agencies that marked the company turning the page on its historical issues and going through leadership change in November 2023.

Despite the storm, Noah saw an opportunity for a career capstone, a chance to shape the compliance culture at the world’s largest crypto exchange, and by extension – contribute to setting the standard for the entire crypto space.

Previously he worked for the cryptocurrency exchange Gemini as the Chief Compliance Officer and then as the Chief Operating Officer.

Prior to crypto, Noah had built a compliance-related career spanning decades in leadership positions across big law, United States’ Drug Enforcement Administration (DEA), and banking giant Morgan Stanley.

“I had a great time in Gemini with the Winklevoss twins, but at that time I had reached a crossroad in my journey with Gemini and was in the middle of discussing what was going to happen next when Binance came knocking at the door,” Noah recounted. Noah spent a lot of time with CZ, Yi He, and other Binance leaders to understand that they had been committed to getting the culture of compliance right and that Binance saw this as a special responsibility they had as the largest digital-asset exchange in the world.

He realized they wanted to set the standard of what crypto compliance would look like in the decade ahead.

“That was obviously a decision not made lightly. And one of the key things when coming into a place like Binance is it’s just critical that you get sort of all the information and transparency. I sat with the management to understand, ‘Okay, what are you facing? What are the issues? What is the commitment to getting it right?’”

On Binance’s evolution in compliance understanding and enforcement

Binance was started by tech enthusiasts and traders, and its early years were marked by a hardcore focus on users, technology, and trading, sometimes at the expense of strict compliance.

This focus led to some misguided decisions early on, which the company has spent the past three years rectifying.

The realization of the importance of compliance has driven Binance to ramp up its efforts in this domain significantly, investing heavily in its compliance program and dedicating resources to meeting regulatory standards.

World-class industry experts such as Tigran Gambaryan, Nils Anderson-Röed, and Noah himself joined during this period. Perlman noted that most of the work to transform Binance’s compliance had been done before he came along.

The settlement, Noah continued, has been the culmination of what Binance calls “turning the page” internally: making sure that the entire organization is fully compliant – not just with the actual letter of the law, but the spirit as well.

“We think we can do that in a way that is consistent with our mission of being user focused. And that’s the challenge and the opportunity. That is one of the things that drew me to it. What the settlement has done has sort of crystallized both the challenge and the opportunity to get this right.”

It is a challenge because Binance is really doing three things at once: first, remediating past issues, second, running a business-as-usual compliance program as the biggest exchange in the world with over 200 million users, and third, improving this program on the go.

It is also challenging to do so across a large number of countries, all with very different markets and regulatory frameworks.

This means that Binance has to keep adaptive and flexible with their services and offerings, tailoring the platform within the legal limits of different jurisdictions.

On building a strong compliance program and setting an industry standard

According to Noah, the key elements of building a strong compliance program can be divided into two buckets: technology and resources in one bucket, and culture in another.

Binance, Noah observed, needs to have strong technological defenses: in-depth transaction monitoring, security infrastructure, risk management mechanisms, and robust operational framework.

“We need to ask these questions: is our transaction monitoring program fit to our purpose? Do we tune it appropriately? Is its noise-to-signal ratio right? How about our model validation? And all the other tidbits. This gets increasingly harder to do at scale across different jurisdictions, different regulatory regimes. It is extremely challenging to get it right from KYC to screening, on-chain or off-chain. We have to be hyper focused now, and given our past, we might not get the benefit of the doubt.“

In Noah’s opinion, today Binance has one of the best-in-class compliance programs with stringent disclosure requirements and reporting procedures in place.

However, this program is still far from perfect, and no Chief Compliance Officer would ever tell you that their program is perfect and tamper-proof.

“After all, we can’t eradicate fraud, we can only mitigate fraud, and as such, we can only strive for continuous improvement.”

On Binance’s culture of compliance

The second bucket is culture. Noah shared that building the culture of compliance for Binance is perhaps the hardest challenge for him to tackle. “How do we measure culture of compliance, how do we make sure that the company is following through with compliance at all levels of operations?”

Having a culture of compliance means a strong commitment across the board to prioritize compliance in every step. Perlman said that at Binance, compliance now has a major seat at the table.

For instance, Noah himself reports directly to the CEO and speaks at every company’s town hall, which underscores the importance of his role in the company’s operations.

What does the future of Binance compliance program look like? A great compliance program should be invisible to the users, and that’s what Noah and Binance strive to achieve.

Perlman underscored the puzzling contradiction between the libertarian ethos that permeates the cryptocurrency community and the increasing need for cooperating with law enforcement agencies globally.

“I understand the importance of privacy and libertarian nature, but nobody wants to be ripped off. I think most people don’t want to unknowingly be funding illicit activity and actions and things like that. So there’s a balance. But cooperation with law enforcement, again, under proper court procedure, it protects privacy, and that’s important.”

Creating a culture of compliance at Binance involves balancing the libertarian ethos of the crypto industry with the necessity of working with regulators.

Binance is committed to always acting within the law to its best ability and knowledge, but still protecting users’ freedom and privacy. After all, one major revolutionary promise of cryptocurrency is that it provides a solution where privacy and freedom can’t be taken for granted.

Binance has made significant strides in assisting law enforcement, handling nearly 174,000 requests for cooperation and conducting hundreds of law enforcement training sessions. These efforts attest to Binance’s proactive stance in combating illicit activity within the crypto space, demonstrating a commitment to regulatory compliance and user protection.

On Tigran Gambaryan

Noah used the opportunity across the three podcast appearances to draw attention to the plight of Tigran Gambaryan, a pivotal figure in Binance’s compliance efforts who is now detained in a Nigerian high-security prison for spurious reasons.

Tigran is a former IRS special agent renowned for his role in dismantling Silk Road, the notorious dark web marketplace, and other high-profile cases. Tigran’s expertise and reputation in the field of financial crimes compliance are well-documented, notably in Andy Greenberg’s book, Tracers in the Dark: The Global Hunt for the Crime Lords of Cryptocurrency.

In 2022 and 2023, Tigran’s Financial Crime Compliance team assisted global law enforcement in freezing and seizing over $2.2 billion worth of assets, including more than $285 million in cooperation with U.S. agencies like the FBI, DOJ, and DEA. His leadership and dedication have been crucial in fortifying Binance’s compliance framework.

Tigran’s journey took a dramatic turn in February 2024 when he traveled to Nigeria for regulatory meetings. He was unexpectedly detained by Nigerian authorities on charges of money laundering, tax evasion, and meddling with the value of the naira.

Despite the lack of substantial evidence, Tigran’s passport was confiscated, and he was placed in government custody. His situation worsened when he was moved to a high-security prison, where he contracted malaria and became extremely ill without receiving adequate medical attention.

Binance has been unwavering in its efforts to secure Tigran’s release. Every internal compliance meeting begins with an update on Tigran’s situation.

Noah and Binance are continuously communicating with the Nigerian government, advocating for Tigran’s innocence and emphasizing that he cannot be held responsible for Binance’s activities in Nigeria.

“We will not forget Tigran, and we will continue our relentless efforts to bring him back to safety and his family.”