Binance CEO Demands Immediate Release of Detained Executive in Nigeria

The ongoing detention of Tigran Gambaryan, a key figure within Binance’s compliance team, by the Nigerian government has sparked international concern and drawn attention to the challenges faced by cryptocurrency exchanges operating in the country. Gambaryan, along with another Binance employee, was detained during a business trip to Nigeria, where they were engaged in regulatory discussions with government officials.

Richard Teng, CEO of Binance, condemned the Nigerian government’s actions, describing Gambaryan’s detention as setting a dangerous precedent for companies worldwide. Teng emphasized Gambaryan’s innocence and highlighted his extensive experience in financial crime prevention, including his tenure as a federal agent with the U.S. IRS.

The situation escalated following demands from Nigerian officials, including the delisting of the naira from Binance’s platform and the provision of detailed user information. Despite Binance’s efforts to engage constructively and comply with regulatory requirements, Gambaryan remains in custody, prompting Teng to call for his immediate release.

Teng reiterated Binance’s commitment to collaborating with regulators globally to ensure compliance and uphold the integrity of the financial system. He emphasized the importance of resolving the crisis swiftly and allowing Gambaryan to return home to his family.

In response to the detention, Binance has taken measures to suspend certain services in Nigeria, including the trading of naira pairs on its platform, in an attempt to facilitate Gambaryan’s release and address regulatory concerns.

The case underscores the challenges faced by cryptocurrency exchanges operating in regulatory gray areas and highlights the need for clearer guidelines and cooperation between industry players and government authorities. As the situation unfolds, stakeholders will be closely watching for developments and hoping for a resolution that respects the rights of individuals involved while ensuring regulatory compliance and fostering a positive environment for cryptocurrency innovation.