US-Nigeria Launch Crypto Task Force Following Binance Executive’s Release
In a swift development following yesterday’s release of Binance executive Tigran Gambaryan, the United States and Nigeria have announced the formation of a joint cryptocurrency task force, marking a new chapter in bilateral cooperation on digital asset regulation.
The U.S. Department of State revealed Wednesday the creation of a Bilateral Liaison Group on Illicit Finance and Cryptocurrencies, just hours after Gambaryan departed Nigeria. The timing of this announcement suggests a diplomatic breakthrough that may have facilitated the former IRS agent’s release after his eight-month detention.
“We are deeply relieved and grateful that Tigran Gambaryan has finally been released,” said Binance CEO Richard Teng in a statement released Thursday. The executive is now en route to the United States aboard a specially equipped medical transport plane, following the severe health complications he developed during his detention, including malaria and double pneumonia.
Jake Sullivan, U.S. National Security Advisor, confirmed speaking with Gambaryan’s wife Thursday morning about her husband’s release. “The government has reviewed the case and, taken into consideration some critical international and diplomatic reasons,” explained a Nigerian Economic and Financial Crimes Commission prosecutor, providing context for the sudden shift in stance.
The newly established task force represents a significant pivot in U.S.-Nigeria relations, with the Department of Justice committing to strengthen Nigeria’s cybercrime investigation capabilities. This collaboration comes as Nigeria’s cryptocurrency market, valued at $400 million as of June 2024, faces increasing scrutiny from regulators.
While Gambaryan’s release resolves one aspect of the diplomatic tension, Binance continues to face legal challenges in Nigeria, including ongoing trials related to tax evasion and allegations of enabling $26 billion in untraceable transactions. The exchange still faces a $10 billion penalty demand from Nigerian authorities.
The formation of this bilateral group signals a more structured approach to addressing cryptocurrency-related financial crimes, potentially setting a precedent for similar collaborations between major crypto markets and regulatory authorities worldwide.
