Richard Teng, CEO of the global cryptocurrency exchange Binance, has issued a statement calling for the release of Tigran Gambaryan, a Binance employee detained by the Nigerian government.
Gambaryan’s detainment stems from a visit by him and fellow executive Nadeem Anjarwalla to Nigeria in February. The executives attempted to negotiate with authorities amidst a government crackdown on cryptocurrency platforms. Binance and other crypto firms had their online operations blocked in Nigeria due to allegations of foreign exchange market manipulation and enabling illegal money transfers.
Anjarwalla escaped lawful custody in March, allegedly while being escorted for prayers. Gambaryan, described by Teng as a mid-level employee lacking decision-making authority, remains in custody.
Teng’s statement expressed frustration with the situation, highlighting Binance’s willingness to cooperate with Nigerian authorities. He called the detainment a tactic to control Binance, suggesting the release of Gambaryan and continued collaboration with law enforcement as a preferred solution. Teng also reaffirmed Binance’s commitment to protecting users, resolving tax issues with the Federal Inland Revenue Service (FIRS), and removing bad actors from the platform.
The case against Binance and its executives is ongoing, with a hearing postponed until May 17th. The company faces charges of money laundering and tax evasion, along with concerns from the Nigerian government regarding potential manipulation of the country’s currency through the platform’s peer-to-peer trading.
