Binance CEO Says Nigeria Unlawfully Detained Tigran Gambaryan

In a recent statement, Binance CEO Richard Teng alleged that Nigerian authorities unlawfully detained Tigran Gambaryan, Binance’s top compliance officer, alongside colleague Nadeem Anjarwalla. This incident has raised significant concerns about the treatment of crypto executives and the potential repercussions for international business operations in Nigeria.

The Incident

The controversy began when Gambaryan and Anjarwalla traveled to Nigeria in January 2024 for meetings with government officials to discuss crypto regulations and compliance issues. Despite receiving assurances of safe passage, the two Binance executives were detained by Nigerian authorities shortly after their arrival. Teng described this as a “dangerous precedent” for companies operating globally.

Allegations and Demands

Upon their detention, Gambaryan and Anjarwalla were approached by individuals demanding a substantial payment in cryptocurrency to settle unspecified allegations. Binance refused to comply with the demand, viewing it as an illegitimate settlement offer. Despite repeated requests, Nigerian authorities have not provided clear details regarding the allegations against Binance.

Escape and Ongoing Detention

Anjarwalla managed to flee Nigeria using a concealed Kenyan passport in March, but Gambaryan remains in custody. His detention has sparked international attention, with the Nigerian House Committee on Financial Crimes allegedly involved in the ongoing legal matters. Gambaryan’s trial is scheduled for May 17.

Binance’s Response

Binance has been vocal about the incident, emphasizing the need for transparency and lawful treatment of its employees. Teng has urged Nigerian authorities to release Gambaryan and allow him to return home. The company has also halted all naira and peer-to-peer services in Nigeria as a response to the incident.

Broader Implications

This incident highlights the challenges and risks associated with operating in countries with evolving regulatory landscapes. For the cryptocurrency industry, the unlawful detention of high-profile executives like Gambaryan could deter international investments and collaborations. It also underscores the importance of clear regulatory frameworks and the protection of corporate rights.

Conclusion

The detention of Tigran Gambaryan by Nigerian authorities has significant implications for Binance and the broader cryptocurrency industry. As the situation unfolds, it will be crucial to monitor the responses from both the Nigerian government and the international business community. This case serves as a reminder of the complex and often precarious nature of global business operations in the cryptocurrency sector.