Nigeria’s Detention of Binance Executives Sets Alarming Precedent, CEO Warns

The CEO of Binance, the world’s largest cryptocurrency exchange, has sharply criticised Nigeria’s recent actions, accusing the country of setting a troubling precedent.

Binance CEO Richard Teng has condemned Nigeria’s detention of two of its executives as part of a crackdown on cryptocurrency. The executives, Tigran Gambaryan and Nadeem Anjarwalla, face separate trials for tax evasion and money laundering. Teng emphasized that Binance is contesting the allegations.

Gambaryan, a US citizen and Binance’s head of financial crime compliance, was detained in Nigeria for over two months. Anjarwalla, a British-Kenyan regional manager for Africa, fled the country in March.

Teng revealed that Binance executives began discussions with Nigerian authorities in January, followed by another meeting on February 26. Throughout the meeting,

Nigerian authorities have labeled finance-related issues as national security concerns. They demanded the removal of the naira currency from Binance’s platform, as well as detailed information on all Nigerian users. Following collaborative meetings with Nigerian authorities, Teng strongly condemned Gambaryan and Anjarwalla’s detention. He stated that this action creates a dangerous precedent for businesses worldwide.