Binance Speaks Out Against Executive's Detention

BINANCE has warned Nigerian authorities about the dangerous precedent they could set after its executives were invited to the country and then detained in connection with a crackdown on peer-to-peer trading, P2P, in Africa's largest crypto market.

CEO Richard Teng Advocates for Release

In a statement, CEO Richard Teng emphasized the need to speak out against the detention of a US citizen and head of financial crime compliance at Binance, Tigran Gambaryan.

Binance, which boasts over 190 million users and is the world's largest crypto exchange, along with two of its executives, is facing separate trials in Nigeria for charges of money laundering and tax evasion, charges that the crypto exchange is challenging.

Gambaryan and Nadeem Anjarwalia, Binance's Regional Manager for Africa, were arrested in February upon their arrival for a meeting with the National Security Adviser, the Deputy Governor of the Central Bank of Nigeria, CBN, and the CEO of the Securities and Exchange Commission, SEC.

Bribery Allegations and Legal Troubles

Teng mentioned that as the Binance team was leaving the meeting, they were approached by unknown individuals who suggested resolving the claims by sending money. He explained that a local attorney for Binance had a conversation with someone claiming to represent the House committee.

In 2023, Nigeria's Securities Exchange Commission, SEC, instructed the exchange to stop offering its services. Teng stated that Binance ceased running ads in Nigeria and endeavored to meet with the Federal Government.

Gambaryan's Ongoing Detention

Since his transfer from a government facility on April 8, Gambaryan has spent the past four weeks in custody at Kuje jail in Abuja, Nigeria's capital city.

The lawsuit filed by a Binance executive in Nigeria represents the company's most recent legal troubles. In 2023, Binance settled with US authorities for a $4.3 billion penalty after being accused of facilitating illegal activities on its platform.

Binance expressed its willingness to comply with the guidelines established by the Federal Government and acknowledged that it held unprecedented authority in determining the fate of Binance and the broader crypto industry in Nigeria.