Binance CEO Calls Out Nigerian Authorities Over Detained Executive: Urgent Release Demanded (BNB)

  • Binance CEO Richard Teng has called for the release of Tigran Gambaryan, head of the crypto exchange’s Financial Crime Compliance team, who has been detained by the Nigerian government for over 70 days.
  • Gambaryan reportedly flew to Nigeria in February for policy discussions, but was detained later, a move that sets a dangerous precedent for companies worldwide, according to Teng.
  • Along with Gambaryan, Binance’s African regional manager, Nadeem Anjarwalla, was also arrested in February.

Binance CEO Richard Teng has called for the release of a top executive detained by the Nigerian government, stating that the move sets a dangerous precedent for companies worldwide.

Arrest of Executives Sets Dangerous Precedent

In a recent blog post, Teng explained that Gambaryan did not travel to Nigeria to make decisions or negotiate. He was there as an expert in financial crime, contributing to policy discussions and capacity building. Despite assurances from Nigerian authorities for safe passage, the arrests were made. Teng called for Gambaryan’s release, affirming that Binance will continue to work with Nigeria’s Federal Inland Revenue Service (FIRS) to resolve potential historic tax liabilities.

How Did The Arrests Unfold?

Binance reportedly took proactive steps, reaching out to Nigeria’s SEC multiple times to seek guidance and offering to collaborate with local authorities for consultation in 2022. However, the SEC issued a cease and desist order against the exchange. Despite this, Binance suspended all solicitation activities in Nigeria. Gambaryan and Anjarwalla were detained during a public hearing and were accused of Nigeria’s economic issues and terrorism financing. They were moved to a high-security compound after their passports were seized. While Binance agreed to delist the naira for their release, Gambaryan remains detained.

Continued Detention and Legal Actions

Anjarwalla was released on March 23, but Gambaryan remains detained. The duo even filed a lawsuit against the NSA and EFCC for violating their human rights. Teng said that the Nigerian government’s actions suggest its conspiracy to control Binance through Gambaryan’s detention despite the exchange’s actions such as suspending Nigerian naira trading and P2P services, as well as repeated attempts to engage with authorities.

Conclusion

The continued detention of Binance’s executive sets a worrying precedent for companies operating internationally. The situation underscores the need for clear and fair regulations in the crypto space, as well as the importance of dialogue between companies and regulatory bodies. As the situation unfolds, it will be crucial to monitor the impact on Binance’s operations and the wider crypto market.

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