We have now reached six months of Tigran’s unjust detention, and his condition has worsened significantly. His physical and mental health have rapidly declined, leaving him in severe pain and unable to walk due to a herniated disc. Despite this, the Nigerian government has denied him adequate medical care, including basic necessities such as a wheelchair.
Furthermore, the authorities have refused him access to legal counsel, even with a trial set to begin on September 2, a situation we understand to be unconstitutional under Nigerian law. Despite a court order demanding the release of Tigran’s medical records, the government has yet to comply after several months. This week, Tigran was also denied access to his U.S. consulate representative, an action that is both inexplicable and deeply concerning.
I am gravely worried about the long-term, potentially irreversible impact this ordeal is having on Tigran’s physical and mental health. I once again appeal to the Nigerian government to release Tigran on humanitarian grounds, allowing him to return home to his family in the United States where he can receive the necessary medical treatment and recover his health.
Baseless Allegations Should Not Be Used to Justify Tigran’s Continued Detention
One of the reasons cited by the Nigerian government for Tigran’s continued detention is their claim that “Binance is operating virtually. The only thing we have to hold on to is this defendant.” This claim is utterly unfounded. It is unjustifiable to detain an innocent employee in order to address any allegations against Binance. We have resolved issues in countries worldwide, including the U.S., Thailand, Brazil, and India, through reasonable, collaborative, and amicable means—all without harming any of our employees. There is no legitimate reason to hold an innocent person to advance discussions on outstanding matters.
Another baseless claim made by the Nigerian government is that Binance is responsible for the decline of the Naira. However, this is not supported by facts. Between 2021 and the end of 2022, the Naira traded within a relatively stable range of USD 1:380 to USD 1:440. During this time, we offered Peer-to-Peer (P2P) services as a value-added option for users interested in crypto. The sharp decline in the Naira’s value, from USD 1:460 in June 2023 to USD 1:900 by the end of 2023, was largely attributed to the Nigerian government’s decision to end the currency peg in June 2023, as noted by experts. Despite Binance ceasing its P2P services in Nigeria in February 2024, the Naira’s downward trend continued, with the currency hitting a recent low of USD 1:1,660 on July 31, 2024. As economists have explained, currency fluctuations are influenced by a variety of macroeconomic factors.
It is also important to clarify that Nigeria has never been a major market for Binance. The government’s assertion that we earned USD 26 billion in revenue from Nigeria in 2023 is incorrect. The USD 21.6 billion figure represents total transaction volume for 2023, not revenue. To illustrate, if someone trades $1,000 a thousand times, this would generate $1 million in transaction volume. Our actual revenue comes from a small percentage charged as transaction fees, and we are proud to offer some of the lowest transaction fees in the industry.
**Call to Action**
Tigran is a proud American who should not be subjected to such unjust treatment. I sincerely hope that the U.S. government and political leaders will use their influence to bring Tigran home soon so that he can receive the necessary medical care and be reunited with his family. The U.S. administration and legislators have the power to designate Tigran as one of its “unlawfully detained” citizens abroad, and there are compelling reasons to do so.
I urge global citizens to voice their concerns, encouraging the Nigerian government to recognize that such unilateral actions, lacking a strong basis, will harm the country’s long-term economic development and well-being. Key stakeholders in the Nigerian government made the decision to unfairly detain Tigran, and they can just as easily make the fair decision to allow him— a former U.S. federal agent— to return home. On humanitarian grounds, we appeal to all decision-makers in Nigeria to grant Tigran safe passage back to his wife and two young children.
Once these issues are resolved, we hope to collaborate with the Nigerian government to support the development of the Web3 industry, create opportunities for its young and talented workforce, and attract more foreign direct investment.
