The CEO of Binance, a leading cryptocurrency exchange, on Tuesday raised concerns over Nigeria’s actions, labeling them as setting a perilous example. The executives of Binance were initially invited to Nigeria but were subsequently detained as part of a crackdown on cryptocurrency activities.
Richard Teng, the CEO, highlighted the alarming nature of the situation, particularly focusing on the detention of Tigran Gambaryan, who serves as Binance’s head of financial crime compliance and is a U.S. citizen. Additionally, Nadeem Anjarwalla, a British-Kenyan regional manager for Africa, fled Nigeria in March amidst the unfolding events.
Teng revealed that discussions between Binance executives and Nigerian authorities commenced in January, culminating in a subsequent meeting on February 26. During this meeting, Nigerian authorities categorized the issues involving Binance as matters of national security. They demanded the delisting of the naira currency from Binance’s platform and requested detailed information on all Nigerian users.
Subsequently, Gambaryan and Anjarwalla were detained, leading Teng to express his strongest condemnation yet since the ordeal began in February. Gambaryan endured over two months of detention in Nigeria, with Teng describing the reasons for his confinement as baseless.
In response to these events, Binance announced the suspension of all transactions and trading in naira in early March. This decision was made in the hope that the detained executives would be released and that further dialogues with the Nigerian government could address any outstanding concerns. Unfortunately, this resolution was not realized.
Teng emphasized the importance of allowing Gambaryan to return home while Binance and Nigerian authorities work towards resolving any outstanding issues. Furthermore, he expressed Binance’s commitment to engaging with Nigeria’s Federal Inland Revenue Service (FIRS) to address potential historical tax liabilities.
The detention of Binance executives in Nigeria has sparked global attention, with Teng warning against the dangerous precedent it sets for companies worldwide.
