Compliance Chief Says Binance Is ‘Working Collaboratively’ With Nigerian Government To Release Imprisoned Executive

Binance and the Nigerian government are negotiating for the release of an imprisoned executive

Richard Teng, the CEO of cryptocurrency trading business Binance, has disclosed that the company was actively collaborating with the Federal Government of Nigeria to enable Tigran Gambaryan, Binance's Head of Financial Crime Compliance, to be released from custody.

The Federal High Court in Abuja ordered that Gambaryan be detained by the Nigerian Correctional Service (NCOS) while his bail application is still pending.

The arrest resulted from several legal issues that Binance faced, including accusations of money laundering and tax evasion made by the Economic and Financial Crimes Commission (EFCC) and the Federal Inland Revenue Service (FIRS) of Nigeria. The bitcoin trading platform is in close contact with Nigerian authorities in order to address these pressing charges.

Teng made this revelation in Dubai, United Arab Emirates (UAE), during the Token2049 Crypto Conference.

Teng emphasized the cooperative efforts between Binance and the Nigerian government by saying, “What I can say is we are working very closely with the Nigerian authorities to try to resolve the matter.”

Vishal Sacheendran, Head of Regional Markets at Binance, noted in a statement to Reuters that this was a notable first for the company: “This was a one-off. We've never experienced it before.”

The background to the current problem started on February 28 when two top executives of Binance were taken into custody by Nigerian officials. American Tigran Gambaryan and 37-year-old British-Kenyan regional manager for Africa Nadeem Anjarwalla were among the prisoners. The office of the National Security Adviser (ONSA) has established that Anjarwalla was able to flee from lawful custody after being arrested.

Gambaryan filed a basic rights petition, FHC/ABJ/CS/356/2024, requesting an apology from the Federal Government, the ONSA, and the EFCC following his imprisonment. He claimed that Binance is under pressure to keep him in custody, which is making the company's dealings with Nigeria more difficult.