The CEO of Binance denounces the detention of executives in Nigeria, describing it as a perilous precedent.

The CEO of Binance, the preeminent cryptocurrency exchange globally, has expressed strong disapproval of Nigeria’s recent actions, asserting that they establish a concerning precedent.

Amidst an assault on cryptocurrencies, Richard Teng, the CEO of Binance, condemned the detention of two of his executives by Nigeria.

Separate trials are underway for the executives, Nadeem Anjarwalla and Tigran Gambaryan, on charges of money laundering and tax evasion, respectively. Teng emphasized that Binance refutes these assertions.

Anjarwalla, a regional manager for Africa representing the United Kingdom and Kenya, departed the country in March. However, Gambaryan, the chief of financial crime compliance at Binance and a citizen of the United States, remained detained in Nigeria for over two months.

Teng revealed that Binance executives had initially convened with Nigerian authorities in January, followed by a subsequent meeting on February 26. During the duration of this meeting,

The issues concerning Binance have been categorized by Nigerian authorities as matters of national security. They demanded comprehensive information regarding all Nigerian users and the removal of the naira from Binance’s platform.

Teng vehemently condemned the imprisonment of Gambaryan and Anjarwalla after their collaborative engagements with Nigerian authorities. He asserted that this conduct establishes a perilous precedent for enterprises worldwide.

Early in March, Binance halted all naira trading and transactions in the hopes that their colleagues would be released and that negotiations with the Nigerian government would resume.

Teng emphasized the critical nature of Gambaryan’s release and stated that Binance is committed to collaborating with Nigerian authorities to resolve any issues, which may involve engaging with the Federal Inland Revenue Service (FIRS) regarding potential delinquent taxes.