Nigeria sets dangerous precedent detaining execs and crackdown on Crypto – Binance

Mayowa DurosinmiMay 7, 20241 Mins read627

The CEO of the cryptocurrency exchange Binance, Richard Teng, accused the Nigerian authorities of setting a dangerous precedent following the invitation of its executives and then being detained as part of a crackdown on crypto.

The two executives, Tigran Gambaryan, a U.S. citizen and Binance head of financial crime compliance, and Nadeem Anjarwalla, a British-Kenyan regional manager for Africa who fled Nigeria in March, are facing charges in separate trials.

These charges include tax evasion and money laundering, allegations that the company vehemently denies and both executives have pleaded not guilty.

Teng wrote in a recent blog post,

As you may be aware, one of our beloved colleagues, Tigran Gambaryan, continues to be held by the government in Nigeria for more than 70 days.

However, he also noted the two executives obliged and held meetings with Nigerian authorities in January. Then, there was a follow-up meeting on February 26 when the government demanded a list of Binance users in Nigeria.

To invite a company’s mid-level employees for collaborative policy meetings, only to detain them, has set a dangerous new precedent for all companies worldwide, Teng said.

Meanwhile, in a continuous crackdown on crypto, the government has barred Peer-to-peer (p2p) transactions for Binance users in Nigeria.

Before the Abuja court postponement of the bail hearing, which is due on May 17, Teng has since appealed to Nigeria to release the executive, Tigran Gambaryan, who has been unjustly held for 70 days.

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