Binance CEO says Nigeria sets dangerous precedent by stopping

Binance CEO Richard Teng called the Nigerian government’s detention of his employee, Tigran Gambaryan, “unfair” and a “dangerous precedent” for international companies.

Teng also said that despite Binance’s repeated efforts for constructive engagement and cooperation with Nigerian authorities, Gambaryan remains detained for “false” reasons.

Binance’s CEO, in a statement to The PUNCH on Tuesday, said: “Inviting a company’s mid-level employees to collaborative policy meetings, only to stop them, has set a dangerous new precedent for every company in the world. “.

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

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

On February 26, Gambaryan and his colleague Nadeem Anjarwalla were arrested in connection with a criminal investigation into Binance’s activities in Nigeria when they arrived in the country.

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

The Nigerian government blamed Binance for the naira’s depreciation, accusing it of fixing exchange rate prices on its platform, the largest crypto exchange globally.

The Economic and Financial Crimes Commission accused Binance, Gambaryan and their fleeing colleague, Anjarwalla, of concealing the source of $35.4 million in revenue generated by Binance in Nigeria, knowing that the funds were the proceeds of illegal activities.

Gambaryan, who was indicted in April on charges including tax evasion, currency speculation and money laundering, was scheduled to go on trial on May 2.

However, the proceedings were adjourned at a federal high court in Abuja due to the failure of the Economic and Financial Crimes Commission (EFCC) to hand over relevant materials to the defence.

Judge Emeka Nwite, who is presiding over the case, adjourned the hearing until May 17. This delay comes as Gambaryan awaits a decision on her bail application.

However, Binance’s CEO said Nigerian authorities were unfairly detaining one of his mid-level employees who has no decision-making power.

He noted that the crisis must be resolved quickly and that Tigran must be allowed to return home “if we want to move forward.”

He reiterated Binance’s commitment to cooperating with Nigerian authorities, citing more than 600 voluntary engagements with authorities in the past.

The crypto exchange revealed that one of the key focuses of Binance’s efforts is the ongoing engagement with the Federal Inland Revenue Service (FIRS) of Nigeria to address potential historical tax liabilities.

Teng acknowledged Nigeria’s important influence on the future of Binance and the broader crypto industry within its borders, underscoring the importance of collaboration with Nigerian authorities.

Furthermore, he outlined Binance’s vision of working together with the Nigerian government to contribute to the development of a strong economy for the Nigerian people.

“Over the past two and a half years, Binance has worked hard to restructure our organization and staff and update our systems. “We have new leadership with deep compliance experience and impressive track records ranging from major traditional financial institutions and leading technology companies to law enforcement and major corporate entities.”

Teng continued: “We continue to do everything we can to support Gambaryan. This support is unwavering. Tigran did not go to Nigeria to make decisions or to negotiate. He “was simply acting as a functional expert on financial crimes and capacity building in political discussions.”