Binance CEO Reacts To Nigerian Govts Continuous Detention Of Employee

The CEO of Binance, Richard Teng, has criticized the Nigerian government’s detention of employee Tigran Gambaryan, calling it a “dangerous precedent” for international businesses and unjust.

Teng mentioned that despite Binance’s repeated efforts to engage with Nigerian authorities, Gambaryan remains in detention for no valid reason.

In a statement issued on Tuesday, Binance’s CEO expressed alarm over the recent trend of inviting mid-level employees to participate in collaborative policy meetings and then detaining them, calling it a dangerous precedent for companies worldwide.

Teng said, “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.”

Our source recalls that Gambaryan and his colleague Nadeem Anjarwalla were apprehended on February 26 about a criminal inquiry concerning Binance’s operations in Nigeria upon their arrival in the nation.

Anjarwalla escaped from custody, while Gambaryan remains detained at the Kuje Correctional Centre pending the determination of his bail application.

The Nigerian government accused Binance, the world’s largest crypto exchange, of fixing exchange rates on its platform, which depreciated the naira.

The Economic and Financial Crimes Commission accused Binance, Gambaryan, and his fleeing colleague, Anjarwalla, of concealing the source of the $35,400,000 generated as revenue by Binance in Nigeria, knowing that the funds constituted proceeds of unlawful activity.

However, according to the Binance CEO, Nigerian authorities were unfairly keeping in custody one of its mid-level employees who does not hold decision-making authority.

The CEO emphasized the urgent need for resolution in the crisis, stressing the importance of allowing Tigran to return home for progress. Binance reiterated its commitment to collaborating with Nigerian law enforcement, highlighting past engagements. 

The company disclosed ongoing efforts to address tax liabilities with Nigeria’s Federal Inland Revenue Service. Recognizing Nigeria’s influence, the CEO underscored collaboration with authorities for the future of Binance and the crypto industry. 

Binance outlined its vision of partnering with the Nigerian government to foster economic development. 

Additionally, the CEO highlighted organizational restructuring and reiterated support for Gambaryan, emphasizing his non-decision-making role in Nigeria.