Binance (BNB) CEO Richard Teng Advocates for Employee’s Release in Nigeria, Offers Tax Resolution Assistance

• Binance CEO, Richard Teng, has called for the release of a top executive, Tigran Gambaryan, who is currently held in Nigeria over alleged money laundering crimes.
• Gambaryan, head of Binance’s Financial Crime Compliance team, has been in custody for over 70 days.
• Teng promises that upon Gambaryan’s release, Binance will work with Nigerian authorities to resolve alleged potential outstanding tax liabilities.

Binance CEO demands release of top executive held in Nigeria, promising to cooperate with authorities to resolve any potential tax liabilities.

Binance CEO Calls for Release of Top Executive

Richard Teng, the CEO of Binance, the world’s largest cryptocurrency exchange, has demanded the release of Tigran Gambaryan, the head of the exchange’s Financial Crime Compliance team. Gambaryan has been held in Nigeria for over 70 days on allegations of money laundering.

Promise to Resolve Tax Liabilities

Upon Gambaryan’s release, Teng has committed Binance to work with Nigerian authorities to resolve any potential outstanding tax liabilities. He emphasized Binance’s willingness to cooperate with law enforcement and regulatory bodies, stating that the exchange has voluntarily worked with Nigeria’s law enforcement community more than 600 times in the past.

Charges Against Binance and Gambaryan

In March, Nigeria’s Economic and Financial Crimes Commission (EFCC) leveled various charges against Binance, Gambaryan, and Nadeem Anjarwalla, the regional manager for the crypto exchange’s Africa operations. The charges included operating without the required license, unlawfully negotiating foreign exchange rates, tax evasion, and concealing the origin of illegal proceeds and revenue of $35.4 million.

Conclusion

The situation highlights the ongoing regulatory challenges faced by cryptocurrency exchanges globally. Binance’s commitment to cooperate with Nigerian authorities in resolving the issue is a significant step towards fostering a better relationship with regulatory bodies. However, the resolution of this case will likely have broader implications for the crypto industry within Nigeria’s borders.