Binance CEO calls for release of executives detained in Nigeria

Binance Chief Executive Officer Richard Teng has demanded the release of Tigran Gambaryan, the cryptocurrency exchange’s executive, who has been detained in Nigeria since late February on allegations of illegal transaction profits.

Teng’s blog post on Tuesday highlighted the tension between the Nigerian government’s crackdown on cryptocurrency operations and the safety of international corporate staff.

Gambaryan has a history of fighting financial crime in his previous role as a U.S. Internal Revenue Service agent and his efforts in freezing and seizing over US$2.2 billion in assets in collaboration with law enforcement worldwide, according to Teng.

Teng added that Gambaryan was in Nigeria for policy discussions and not as a negotiator.

“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,” said Teng.

The conflict between Binance and Nigerian authorities escalated when Gambaryan was detained on February 26, following accusations of the company’s involvement in illegal financial activities.

This development is part of a larger regulatory push in Nigeria, where the government is preparing to prohibit peer-to-peer crypto exchanges that use the Nigerian naira.

The Nigerian Securities and Exchange Commission is in the process of implementing new rules to safeguard the local currency from potential manipulation.

Gambaryan is set to stand trial on May 17 on charges including tax evasion, currency speculation, and money laundering.