Binance CEO warns of dangerous precedent set by Nigeria’s detention of company executives

The CEO of cryptocurrency exchange Binance, Richard Teng, has spoken out against the detention of two of its executives in Nigeria, calling it a dangerous precedent. Tigran Gambaryan, a U.S. citizen and head of financial crime compliance, and Nadeem Anjarwalla, a British Kenyan regional manager for Africa, were invited to Nigeria for meetings in January but were subsequently detained.

The Nigerian authorities demanded that Binance delist the naira currency from its platform and provide detailed information on all Nigerian users, citing national security concerns. Teng expressed his frustration with the situation, stating that the executives were detained for “spurious reasons” and calling for Gambaryan to be allowed to return home.

Binance announced in March that it was halting all transactions and trading in naira in hopes of resolving the issues with the Nigerian government. However, Teng’s plea for the release of Gambaryan and continued engagement with the Nigerian authorities has yet to yield results.

The company is currently challenging the tax evasion and money laundering charges against its executives, emphasizing its commitment to resolving any potential tax liabilities with Nigeria’s Federal Inland Revenue Service.

The detention of Binance executives in Nigeria has raised concerns about the treatment of foreign companies operating in the country and the impact it may have on future collaborations. Teng’s strong comments reflect the company’s determination to address the situation and continue its operations in Nigeria.