U.S. President Joe Biden has commended Nigeria for its efforts in addressing financial crimes associated with cryptocurrency, particularly following the recent release of a former Binance executive.
**Biden and Tinubu Fortify US-Nigeria Relations with Crypto Crime Initiative**
On Tuesday, the White House announced that President Biden engaged in a conversation with Nigerian President Bola Tinubu, discussing recent humanitarian and diplomatic developments.
“President Biden expressed his condolences regarding the recent flooding that has affected northeastern Nigeria and acknowledged President Tinubu’s decisive leadership in securing the humanitarian release of American citizen and former U.S. law enforcement official Tigran Gambaryan last week,” the White House reported. It further noted:
The two leaders also highlighted the significance of the U.S.-Nigeria partnership in tackling global challenges and promoting security and prosperity across various sectors.
Gambaryan, previously an agent with the Internal Revenue Service (IRS) and a compliance officer at Binance, had been in detention since February on charges of money laundering, which he denied. His release on October 24 followed extensive diplomatic efforts, as concerns grew over his declining health, with reports indicating he had developed serious conditions, including pneumonia, while imprisoned in Kuje.
Biden acknowledged Nigeria’s contributions to collaborative law enforcement and technology initiatives, as well as its dedication to reforming international organizations. The White House noted:
In particular, President Biden expressed gratitude for the cooperation in law enforcement efforts, including the recently established Bilateral Liaison Group on Illicit Finance and Cryptocurrencies, aimed at fostering collaboration on innovative technologies and addressing shared interests in reforming international organizations to amplify African perspectives.
Launched on October 23, the Bilateral Liaison Group on Illicit Finance and Cryptocurrencies aims to combat financial crimes and cyber threats, specifically targeting the exploitation of cryptocurrencies for illicit purposes. This initiative is designed to enhance collaboration between U.S. and Nigerian law enforcement agencies, with the goal of bolstering their capabilities to investigate and prosecute digital financial crimes. The White House emphasized that this endeavor reflects both countries' commitment to safeguarding digital ecosystems and reinforcing their defenses against financial crimes linked to cryptocurrency.