Binance executive Tigran Gambaryan has been released after spending eight months in a Nigerian prison. The Nigerian authorities dropped all charges against him. His family confirmed that he is now out of Nigeria, and the U.S. and Nigeria are working together to tackle crimes related to cryptocurrency.

“It’s such a relief that this day has finally come,” said Yuki Gambaryan, Tigran's wife. “The past eight months have felt like a nightmare. I wish it hadn’t taken so long for him to be released, and I’m worried about how much his health has declined. But now, we can focus on healing as a family.”

Yuki also expressed her gratitude to the U.S. government and supporters. “The road ahead for Tigran’s recovery is going to be tough. I appreciate being given the time and space to focus on that. Our kids can’t wait to see their dad again.”

On the same day, the U.S. Department of State announced a new partnership with Nigeria. They’ve set up a Bilateral Liaison Group on Illicit Finance and Cryptocurrencies. This group aims to combat cybercrime and financial misconduct in the crypto space.

“The United States collaborates with global partners to promote a safe digital environment. We aim to advance economic prosperity while countering malicious cyber activities,” the official announcement stated.

This partnership shows the U.S.'s commitment to helping Nigeria. The Department of Justice is assisting in strengthening Nigeria's ability to investigate and prosecute cybercrime. Although Nigeria is a U.S. ally, Gambaryan's detention raised significant concerns, even among members of Congress.

Gambaryan was arrested in February during discussions about crypto trading restrictions. Due to health issues like malaria and a herniated disc, Nigeria decided to drop all charges against him. However, they will continue pursuing charges against Binance itself.

“We are incredibly relieved and grateful that Tigran has finally been released after nearly eight months in detention,” said Binance CEO Richard Teng. “Throughout this challenging time, Tigran has shown remarkable strength. We commend his resilience and thank everyone who worked tirelessly for his release.”

Gambaryan's situation attracted criticism from U.S. lawmakers. Representatives French Hill and Chrissy Houlahan visited him in prison in June and expressed concerns about his deteriorating health.

The U.S. Department of State has not yet responded to requests for comments on this situation.

The launch of the Bilateral Liaison Group comes as crypto-related crimes are on the rise globally. A recent FBI report revealed that 87% of all investment fraud cases in 2023 involved cryptocurrencies, leading to total losses of $3.96 billion.

CertiK’s Q3 2024 report showed that while the number of hacks has decreased, criminals still stole $750 million last quarter. Phishing and private key compromises were the main methods used, with Ethereum being the most targeted asset.

This spike in crypto-related crime has put regulators worldwide on high alert, including in Nigeria. The local crypto market is thriving, with the Securities and Exchange Commission (SEC) valuing it at $400 million as of June 2024.

However, this growth has led to stricter regulations. In June, Nigeria's SEC ordered crypto exchanges and digital asset traders to re-register within 30 days or face enforcement actions. In August, the regulator issued its first licenses to crypto exchanges and other industry firms.