Binance CEO Calls for Release of Detained Compliance Officer in Nigeria

Binance CEO Richard Teng Calls for Release of Detained Compliance Officer in Nigeria

Binance CEO Richard Teng has made a public plea for the release of the crypto exchange’s compliance officer, Tigran Gambaryan, who has been detained in Nigeria for over 70 days. Gambaryan, a U.S. citizen with a background in fighting financial crimes, was detained along with Binance’s Africa regional manager, Nadeem Anjarwalla, on accusations of illegal transactions profits.

Teng, who took over as CEO of Binance in November, emphasized Gambaryan’s innocence and his role as a functional expert in financial crime compliance. He stated that Gambaryan was in Nigeria for collaborative policy meetings and not as a decision-maker or negotiator.

The situation began two years ago when Nigeria’s Securities and Exchange Commission issued regulations requiring permits for crypto exchanges. Binance attempted to comply but faced challenges with unclear requirements. The SEC later accused Binance of operating illegally, leading to the suspension of soliciting Nigerian investors.

Teng highlighted the efforts made by Binance to address concerns raised by the Nigerian government, including restrictions on peer-to-peer trading and the suspension of naira pairs on the exchange platform. Despite these actions, Gambaryan and Anjarwalla were still detained.

Teng expressed his commitment to working with global regulators and enforcement agencies to evolve Binance’s compliance controls. He called for Gambaryan’s release so that the company can continue to address any concerns with Nigerian authorities and move forward.

The ongoing detention of Gambaryan has raised concerns about the treatment of mid-level employees by governments and the impact on companies worldwide. Teng’s public statement is a rare move by a CEO to advocate for the release of an employee facing legal challenges in a foreign country.

As the situation unfolds, the crypto community will be closely watching for updates on Gambaryan’s case and the implications for Binance’s operations in Nigeria.