Binance CEO Richard Teng has raised concerns about the Nigerian government setting a troubling precedent for companies worldwide after two of the exchange’s employees were detained.
The CEO stated in a public announcement on May 7 that the arrest of two mid-level employees who were invited to participate in policy meetings in Nigeria has created a dangerous precedent for all companies globally.
According to Teng’s recent blog post, the executives Tigran Gambaryan and Nadeem Anjarwalla were assured of safe passage for their meetings before their trip to Nigeria. However, they were unlawfully detained by Nigerian authorities upon arrival.
Gambaryan and his team initially visited Nigeria in early January to engage in discussions with Nigerian officials regarding crypto regulations and compliance requirements. Following these meetings, they were approached by unknown individuals who suggested making a payment to settle allegations. Despite these demands, Binance’s legal advisor refused to make any payments and the team decided to leave Nigeria immediately.
Teng expressed concerns about the lack of transparency from Nigerian authorities regarding the allegations made against Binance. He emphasized that Tigran must be allowed to return home if authorities wish to continue discussions with the exchange.
Gambaryan, an American citizen, was arrested alongside British-Kenyan Nadeem Anjarwalla in February in Nigeria. Anjarwalla reportedly fled the country in March using a concealed Kenyan passport. Subsequently, Nigerian security forces located and arrested him in Kenya at the request of the Nigerian Bureau of Interpol. Gambaryan remains in custody and is awaiting trial scheduled for May 17.
Following the arrests, all naira and peer-to-peer services on Binance in Nigeria were suspended. The situation remains uncertain, and Teng continues to deny the money laundering charges brought against the Binance executives.