Richard Teng, the CEO of Binance, has criticized the Nigerian government’s detention of employee Tigran Gambaryan, calling it a “dangerous precedent” for international businesses and unjust. Despite Binance’s repeated attempts to engage with Nigerian authorities, Gambaryan remains in detention without valid reason.
In a statement issued on Tuesday, Binance’s CEO expressed alarm over the recent trend of inviting mid-level employees to participate in collaborative policy meetings and then detaining them, labeling it a dangerous precedent for companies worldwide.
Teng emphasized, “The message from the Nigerian government is clear: we must detain an innocent, mid-level employee, a former U.S. federal agent, and place him in a dangerous prison to control Binance. This regrettable turn of events contradicts the spirit of cooperation and transparency that Binance has consistently demonstrated in its interactions with regulatory authorities.”
Gambaryan and his colleague Nadeem Anjarwalla were apprehended on February 26 concerning a criminal inquiry into Binance’s operations in Nigeria. Anjarwalla escaped from custody, while Gambaryan remains detained at the Kuje Correctional Centre awaiting his bail application’s determination.
The Nigerian government accused Binance, the world’s largest crypto exchange, of fixing exchange rates on its platform, leading to the naira’s depreciation. The Economic and Financial Crimes Commission alleged Binance, Gambaryan, and Anjarwalla concealed the source of $35,400,000 revenue generated in Nigeria, knowing it constituted proceeds of unlawful activity.
However, according to the Binance CEO, Nigerian authorities unfairly kept in custody a mid-level employee with no decision-making authority.
The CEO stressed the urgent need for resolution, emphasizing the importance of allowing Tigran to return home for progress. Binance reaffirmed its commitment to collaborating with Nigerian law enforcement, citing past engagements. The company disclosed ongoing efforts to address tax liabilities with Nigeria’s Federal Inland Revenue Service, highlighting collaboration with authorities for Binance and the crypto industry’s future.
Binance outlined its vision of partnering with the Nigerian government for economic development. Additionally, the CEO emphasized organizational restructuring and reiterated support for Gambaryan, highlighting his non-decision-making role in Nigeria.
