Binance CEO Criticizes Nigeria's Detention of Executives

Lagos, Nigeria - Richard Teng, CEO of Binance, the world's largest cryptocurrency exchange, has voiced strong objections to the recent actions taken by Nigerian authorities, including the detention of two of its top executives during a crackdown on cryptocurrency operations within the country.

The detained executives, Tigran Gambaryan, a U.S. citizen and head of financial crime compliance at Binance, and Nadeem Anjarwalla, a British-Kenyan who serves as the regional manager for Africa, are facing separate trials on charges related to tax evasion and money laundering.

Teng stated that Binance is actively challenging these allegations and is committed to resolving the issues.

The controversy began when Gambaryan was detained in Nigeria for over two months, while Anjarwalla fled the country in March following their involvement in discussions with Nigerian authorities.

These discussions, which started in January and continued with a significant meeting on February 26, addressed concerns about Binance's operations in Nigeria.

During the meetings, Nigerian authorities raised issues of national security, demanded the delisting of the Nigerian naira on Binance’s platform, and requested detailed information about all Nigerian users.

Teng expressed severe disapproval of the detentions, especially considering they occurred after collaborative meetings intended to address governmental concerns. He emphasized that such actions set a "dangerous precedent" for global companies operating in Nigeria and could potentially deter future foreign investments.

In response to the ongoing situation, Binance halted all transactions and trading involving the Nigerian naira in early March. This move was intended as a measure to secure the release of their colleagues and to foster continued dialogue with the Nigerian government.

Furthermore, Teng highlighted Binance's willingness to engage with the Nigerian Federal Inland Revenue Service (FIRS) to discuss and address any potential historic tax liabilities, demonstrating the company's commitment to complying with local regulations and resolving the disputes amicably.

The situation remains tense as the cryptocurrency industry watches closely, and Binance continues its efforts to negotiate a fair resolution with Nigerian authorities.