Nigeria Detains Executive

The CEO of the world’s largest cryptocurrency exchange, Binance, has accused Nigeria of setting a dangerous precedent after two of its executives were invited to the country and then detained as part of a crackdown on crypto. The two executives, Tigran Gambaryan and Nadeem Anjarwalla, are now facing separate trials on charges of tax evasion and money laundering, with Binance challenging these accusations.

CEO Richard Teng released a statement on Tuesday, calling for the release of Gambaryan, a U.S. citizen and head of financial crime compliance at Binance. According to Teng, Gambaryan and Anjarwalla first met with Nigerian authorities in January for collaborative policy meetings, but were later detained after the authorities claimed the issues involving Binance were of national security. Teng also mentioned that the authorities demanded Binance to delist the naira currency from its platform and provide detailed information on all Nigerian users.

Teng strongly criticized the actions of Nigerian authorities, stating that the detention of Binance executives has set a dangerous precedent for all companies worldwide. He also expressed disappointment that Gambaryan, who has been detained for over two months now, has not been released despite Binance’s efforts to work with Nigerian authorities to resolve any concerns.

Teng further added that the company had stopped all transactions and trading in naira when the executives were detained, in hopes that they would be released and Binance could continue to work with the government.

According to Teng, Gambaryan should be allowed to go home while Binance and Nigerian authorities work towards resolving any potential issues. He also stated that the company will continue to engage with Nigeria’s Federal Inland Revenue Service (FIRS) to resolve any historic tax liabilities. Binance’s decision to stop transactions in naira was made in an effort to comply with the country’s regulations and work towards resolving any concerns amicably.

The case of Binance executives’ detention in Nigeria has attracted global attention, with many questioning the motives behind these actions. The cryptocurrency exchange has been cooperating with Nigerian authorities since its establishment in the country, and the sudden detention of its executives came as a surprise. This incident has raised concerns about the safety and security of foreign companies operating in Nigeria and their ability to collaborate with the government.

While the accusations against Binance and its executives remain unresolved, the company’s commitment to comply with regulations and work towards resolving any concerns is evident. Binance has a global presence and is known for its secure and transparent practices in the cryptocurrency market. The outcome of this case will not only affect the company’s operations in Nigeria but also set a precedent for other foreign companies operating in the country.

Nigeria’s stance on cryptocurrency and its actions towards Binance has also been a topic of debate in the global crypto community. With the rise of digital assets and their potential to transform the financial landscape, countries around the world are taking different approaches to regulating and engaging with the industry.

The outcome of this case could have a significant impact on Nigeria’s position in the global crypto market and its future relationship with foreign companies operating in the country.


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