Binance CEO Calls on Nigeria to Release Detained Executive: A Dangerous Precedent for Global Business

Binance CEO Calls on Nigeria to Release Detained Executive, Setting Dangerous Precedent

Binance CEO Richard Teng has made a public plea to the Nigerian government to release Tigran Gambaryan, a key member of the crypto exchange’s team who has been held in custody for over 70 days. Gambaryan, along with the exchange’s regional manager for Africa, Nadeem Anjarwalla, were detained after flying to Nigeria in February for talks on regulatory supervision.

Teng expressed his concern in a blog post, stating that the detention of Gambaryan after being invited for collaborative policy meetings sets a dangerous new precedent for companies worldwide. The situation has raised alarm bells within the global business community, with Teng calling for Gambaryan’s immediate release.

The Nigerian government’s actions come amidst an economic crisis in the country, with the currency hitting record lows against the dollar and inflation soaring to a 28-year high. The government has accused Binance of allowing billions of dollars to leave the country untraceably, impacting tax revenues.

Gambaryan and Anjarwalla were initially held in a secure compound before Gambaryan was transferred to Kuje prison on money laundering charges. The executives have filed a lawsuit against the Nigerian authorities for violating their human rights.

The situation took a darker turn when it was reported by The New York Times that Gambaryan was asked for a $150 million bribe in crypto during a visit in January. Teng confirmed the request in his blog post, stating that Binance declined the payment demand through their counsel.

In response to the ongoing crisis, Nigeria has vowed to ban person-to-person cryptocurrency trading in the naira, citing concerns about manipulation and exchange rate impact. The country’s Securities and Exchange Commission Director General announced the decision at a meeting with fintech professionals, signaling further regulatory crackdowns on the crypto sector.

As the situation continues to unfold, the global business community is closely watching the developments in Nigeria. Teng and Binance are urging for a resolution to the detainment of Gambaryan and Anjarwalla, emphasizing the need for a fair and transparent process in regulatory matters.