Crisis at Binance: Compliance Officer Held in Nigerian Prison amid Bribery Allegations

The cryptocurrency exchange giant Binance is embroiled in a legal battle in Nigeria after an unsettling demand for a $150 million crypto payment. Tigran Gambaryan, a compliance officer for Binance, received the demand during a trip to Nigeria in January, which he interpreted as a bribe request from the Nigerian government.

Following the demand, Gambaryan and his colleagues fled Nigeria in a panic, but the situation escalated when he returned in February and was arrested by Nigerian authorities. He has been held in Kuje prison in Abuja for the last four weeks, facing charges of tax evasion and money laundering.

Binance, which has faced legal issues in the past, denies that Gambaryan had any decision-making power in the company. The company’s CEO, Richard Teng, wrote in a blog post that the Nigerian government’s actions are an attempt to control Binance by detaining an innocent employee.

The incident highlights the growing tensions between Binance and Nigerian officials, who have accused the company of contributing to the collapse of the country’s currency, the naira. Despite the challenges, Binance remains committed to engaging with Nigeria, a country with a high rate of crypto adoption.

The trial for Gambaryan was scheduled to begin last Thursday but has been postponed until May 17. The case has drawn international attention, with reporters from Washington and Abuja covering the unfolding events. Stay tuned for updates on this developing story.