Binance CEO Richard Teng urges Nigeria to release Tigran Gambaryan, the head of the exchange's Financial Crime Compliance team, who has been held for over 70 days. Gambaryan and Nadeem Anjarwalla were detained in Nigeria after flying in for discussions on regulatory oversight. Teng argues that detaining executives invited for collaborative meetings sets a concerning precedent globally.
Teng expresses concern over the prolonged detention of Gambaryan and calls for his release, emphasizing the broader implications for businesses worldwide. The Nigerian government's actions come amidst economic challenges, including currency depreciation and high inflation. Binance has sought clarification on licensing requirements from the Nigerian Securities and Exchange Commission since 2022 but has not received responses.
Gambaryan and Anjarwalla were detained after a meeting with Nigerian authorities, including the SEC CEO and central bank deputy governor. Anjarwalla escaped custody, while Gambaryan faces money laundering charges and remains in Kuje prison. Allegations surfaced regarding a $150 million crypto bribe request during a January visit, which Binance declined.
In response to the detention, Binance ceased naira pairing and shut down P2P trading for Nigeria, emphasizing safety concerns for its executives. The Nigerian government plans to ban P2P crypto trading in naira, citing concerns over exchange rate manipulation.
Teng criticizes the aggressive treatment of Gambaryan and Anjarwalla and reiterates Binance's commitment to their safety. The situation underscores broader issues in Nigeria's crypto regulation and prompts discussions on collective action within the fintech sector.