Binance CEO Works with Nigerian Government to Secure Release of Detained Executive
Binance CEO Works with Nigerian Government to Secure Release of Detained Executive
In a surprising turn of events, the CEO of cryptocurrency trading firm Binance, Richard Teng, has revealed that the company is actively collaborating with the Federal Government of Nigeria to secure the release of Tigran Gambaryan, the Head of Financial Crime Compliance at Binance, who is currently detained by the Nigerian Correctional Service (NCoS).
Gambaryan’s detention comes amidst legal challenges faced by Binance, including allegations of tax evasion and money laundering brought forth by Nigeria’s Federal Inland Revenue Service (FIRS) and the Economic and Financial Crimes Commission (EFCC). Despite these serious charges, Binance is maintaining close communications with Nigerian authorities in an effort to resolve the matter.
Speaking at the Token2049 Crypto Conference in Dubai, United Arab Emirates (UAE), Teng emphasized the collaborative efforts between Binance and the Nigerian government, stating, “What I can say is we are working very closely with the Nigerian authorities to try to resolve the matter.”
This incident marks a significant first for Binance, as noted by Vishal Sacheendran, the company’s Head of Regional Markets, who stated to Reuters, “This was a one-off. It’s never happened to us before.”
The situation began to unfold on February 28 when Nigerian officials detained two senior Binance executives, including Nadeem Anjarwalla and Tigran Gambaryan. Anjarwalla managed to escape from custody, as confirmed by the office of the National Security Adviser (ONSA).
In response to his detention, Gambaryan has initiated legal action against the Federal Government, the ONSA, and the EFCC, seeking an apology through his fundamental rights suit. He alleges that his continued detention is being used to pressure Binance, complicating the firm’s operations within Nigeria.
As the story continues to develop, all eyes are on Binance and the Nigerian government as they work towards a resolution in this unprecedented situation.
