‘They Can’t Detect Fraud Even If It Waved at Them’ - Ex-Binance Executive Blasts EFCC

Tigran Gambaryan, the former Binance executive who wasdetained in Nigeria for nearly eight months in 2024, says the Economic andFinancial Crimes Commission (EFCC can not detect widespread fraud if it “camewith a name tag”. On January 22, the EFCC accused banks, fintech companies andmicrofinance institutions of enabling large-scale fraud, culminating in N18.7billion, by failing to carry out basic customer due diligence. In a post reacting to EFCC’s disclosure on Friday,Gambaryan, who was head of financial crime compliance at Binance, said even ifthe fraud is waving at them, the anti-graft agency can not detect it. “EFCC couldn’t detect widespread fraud if it came with aname tag and waved at them. Why bother investigating when you can just peddleBS? Billion this, billion that. Give me a break,” he said. The executive, also a former United States Internal RevenueService agent, was arrested in Nigeria in February 2024, following a clampdownon Binance over an alleged manipulation of the Nigerian currency. In April 2024, the EFCC arraigned Binance and Gambaryan (whojoined the company in 2021) on allegations of money laundering. On May 17, the court refused Gambaryan’s first bail request,but the Binance executive later collapsed in court due to “ill-health”. Gambaryan’s legal team and his family raised alarm that hecould die in Kuje prison if his health continues to deteriorate. Yuki, Gambaryan’s wife, claimed his health was gettingworse, stressing the need for a “highly specialised and risky surgery”. Gambaryan’s health had led Emeka Nwite, a judge, to issue anarrest warrant against Abraham Ehizojie, a medical doctor at the healthfacility in Kuje correctional centre, over his failure to produce theexecutive’s medical report. On September 2, the EFCC objected to the health claims madeby the former Binance executive after Ekele Iheanacho, the EFCC counsel, fileda counter-affidavit application. However, on October 23, 2024, the EFCC told the court theanti-graft agency was dropping its case against Gambaryan due to some reasons,including critical international and diplomatic relations. In June 2025, Gambaryan exited the crypto exchange.

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