In January 2024, Binance executive Tigran Gambaryan was detained by Nigerian authorities, and he has since revealed disturbing details of his experience.

In a social media post, Gambaryan shared that three Nigerian lawmakers demanded a $150 million bribe in cryptocurrency during a meeting, which he described as a “Mickey Mouse operation.”

According to Gambaryan, he and his team were forced to meet with members of the Nigerian House of Representatives, including Peter Akpanke and Philip Agbese, who were working under the leadership of Ginger Obinna Onwusibe.

The lawmakers set up fake cameras to make the meeting seem official but were actually using the situation to demand a large bribe, which they insisted be paid directly into their personal wallets.

Gambaryan also mentioned the involvement of key figures such as Nuhu Ribadu, Nigeria’s National Security Adviser, and Hamma Adama Belloji.

He revealed that the lawmakers falsely portrayed the meeting as an official discussion with Nigeria’s top officials, including the head of the Securities and Exchange Commission (SEC) and the governor of the Central Bank of Nigeria (CBN).

The bribe demand was allegedly linked to an investigation involving Binance and its role in the cryptocurrency market.

The $26 billion figure often mentioned in the media about Binance allegedly funneling money out of Nigeria was, according to Gambaryan, a misunderstanding of trade volumes, not actual funds leaving the country.

He also claimed that misinformation was spread about an employee’s escape from Nigeria, and the government tried to use international privacy laws to target Nigerian opposition figures.

Despite the tension between Binance and the Nigerian government, in October 2024, the charges against Gambaryan were dropped, and the Economic and Financial Crimes Commission (EFCC) withdrew its money laundering case against him.

Gambaryan’s story sheds light on the complex and troubling situation surrounding cryptocurrency regulations and government actions in Nigeria.