In early 2024, Tigran Gambaryan, Binance's head of financial crime compliance, was detained in Nigeria under contentious circumstances. During his detention, Binance's CEO, Richard Teng, alleged that Nigerian officials demanded a $150 million bribe to resolve ongoing investigations into the company. The Nigerian government vehemently denied these allegations, labeling them as baseless and an attempt at blackmail.

In October 2024, after enduring nearly eight months in detention, the Nigerian government dropped all charges against Gambaryan, citing health concerns and other critical reasons.

Following his release, Binance expressed deep relief and gratitude, commending Gambaryan's resilience during the ordeal.

The incident has drawn significant attention from international observers and lawmakers, highlighting the complexities and challenges at the intersection of global finance, regulatory practices, and international relations.