Binance CEO opposes Nigeria’s detention of executives

Binance CEO opposes Nigeria’s detention of executives is profiled by BTW Media because published evidence links it to internet infrastructure, governance, operational dependencies, or market visibility.

• Binance CEO, Richard Teng, has accused Nigeria of opposing the detention of two executives.
• The two detained executives are facing trial for tax evasion and money laundering, respectively, which Binance disputes.
• Binance announced in early March it was stopping all transactions and trading in naira. But the other party has yet to release the detained executives. 

The chief executive of cryptocurrency exchange Binance has accused Nigeria of setting a dangerous precedent as company executives are detained as part of a crackdown on cryptocurrencies.

Also read: Binance founder’s $33bln fortune still growing despite prison

CEO speaks out against detention

Richard Teng, chief executive of cryptocurrency exchange Binance, said in a statement that it was time to speak out against the detention of Tigran Gambaryan, a US citizen and Binance’s head of financial crime compliance.

Another executive, Nadeem Anjarwalla, is a British Kenyan who was a regional manager for Africa and fled Nigeria in March this year.

Teng noted that inviting mid-level employees of a company to a cooperation policy meeting only to have them detained sets a dangerous new precedent for all companies globally.

He added that Gambaryan had been detained in Nigeria for more than two months “on spurious grounds”. Despite Binance’s announcement in early March that it was halting all naira trading, the other side has yet to release the detained executives.

Also read: Binance founder Changpeng Zhao faces prison time in the US

Binance challenges trial

Binance executives first met with Nigerian authorities in the country in January this year.

At a follow-up meeting on 26 February, the authorities said issues involving Binance were a matter of national security and demanded that the exchange delist the naira currency from its platform and provide “granular-level” details of all Nigerian users. Gambaryan and Anjarwalla were subsequently detained.

Teng emphasised that Gambaryan should be allowed to return home while Binance and the Nigerian authorities resolve any issues. He said Binance would continue to work with Nigeria’s Federal Inland Revenue Service (FIRS) to resolve potential historical tax liabilities.