Binance CEO laments the continuous detention of employee in Nigeria

Binance’s CEO, Richard Teng, has characterised the detention of its employee, Tigran Gambaryan, by the Nigerian government as ‘unjust’ and a ‘dangerous precedent’ for multinational enterprises.

Teng further stated that, despite Binance’s repeated attempts at constructive engagement and collaboration with Nigerian authorities, Gambaryan remains detained for spurious’ reasons.

Binance’s CEO, in a statement to the press on Tuesday, said, “To invite a company’s mid-level employees for collaborative policy meetings, only to detain them, has set a dangerous new precedent for all companies worldwide.”

He added, “The message from the Nigerian government is clear: we must detain an innocent, mid-level employee, a former U.S. federal agent, and place him in a dangerous prison to control Binance.

“This regrettable turn of events contradicts the spirit of cooperation and transparency that Binance has consistently demonstrated in its interactions with the regulatory authorities.”

Gambaryan and his colleague Nadeem Anjarwalla were arrested when they landed in Nigeria on February 26 as part of a criminal inquiry into Binance’s actions.

Anjarwalla escaped incarceration, while Gambaryan remains in captivity at the Kuje Correctional Centre, awaiting the outcome of his bail plea.

The Nigerian government accused the cryptocurrency firm of rigging exchange rates on its website, the world’s largest cryptocurrency exchange.

The Economic and Financial Crimes Commission accused Binance, Gambaryan, and his fleeing colleague, Anjarwalla, of concealing the source of $35,400,000 in revenue made by Binance in Nigeria, knowing that the money was the result of illegal activities.

Gambaryan, who was charged in April with tax evasion, currency speculation, and money laundering, was set to stand trial on May 2.

However, the hearings were postponed at a federal high court in Abuja due to the Economic and Financial Crimes Commission’s (EFCC) failure to serve necessary files on the defence.

Justice Emeka Nwite, who presided over the case, adjourned the hearing to May 17. This delay occurs as Gambaryan awaits a decision on his bail application.

However, the Binance CEO claimed that Nigerian authorities were unlawfully arresting one of the company’s mid-level employees, who lacked decision-making power.

He stated that the issue must come to an end swiftly and that Tigran must be allowed to return home “if we’re going to move forward.”

He underlined Binance’s commitment to cooperation with Nigerian law enforcement, citing over 600 previous voluntary meetings with officials.

According to the cryptocurrency exchange, one of the primary areas of Binance’s work is continued engagement with Nigeria’s Federal Inland Revenue Service (FIRS) to handle potential previous tax issues.

Teng recognised Nigeria’s enormous effect on the future of cryptocurrency firm and the crypto industry within its boundaries, emphasising the need to work with Nigerian authorities.

He also explained cryptocurrency firm’s ambition to collaborate with the Nigerian government to help build a strong economy for the Nigerian people.

“Over the past two and a half years, Binance has worked hard to restructure our organisation and personnel and upgrade our systems. We have new leadership in place with deep compliance experience and impressive backgrounds ranging from top traditional financial institutions and leading tech companies to law enforcement and major corporate entities.”

Teng continued, “We continue to do anything and everything we can to support Gambaryan. This support is unwavering. Tigran did not go to Nigeria as a decision-maker or a negotiator.” He was merely acting as a functional expert in financial crime and capacity building in policy discussions.”

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