Richard Teng, CEO of Binance, criticized the Nigerian government’s detention of Tigran Gambaryan, denouncing it as unjust and setting a perilous precedent for global businesses. Despite Binance’s efforts to engage constructively with Nigerian authorities, Gambaryan remains incarcerated on dubious grounds. Teng expressed dismay, highlighting the contradiction in detaining mid-level employees after collaborative meetings, which undermines the spirit of cooperation and transparency.
Gambaryan and his colleague, Nadeem Anjarwalla, were apprehended in February in connection with a criminal inquiry into Binance’s Nigerian operations. While Anjarwalla managed to evade capture, Gambaryan is still detained pending his bail application. The Nigerian government accused Binance of currency manipulation and levied charges against Gambaryan, including tax evasion and money laundering.
The trial proceedings, slated for May 2, were postponed due to procedural lapses by the Economic and Financial Crimes Commission (EFCC). Gambaryan awaits a bail ruling as the hearing is adjourned until May 17. Despite the delay, Teng emphasized Nigerian authorities’ unjust detention of a non-decision-making mid-level employee.
Teng reiterated Binance’s commitment to cooperation with Nigerian law enforcement, citing past engagements and ongoing efforts to address tax liabilities. He underscored the importance of collaboration with Nigerian authorities for Binance’s continued presence in the country and expressed unwavering support for Gambaryan.
Acknowledging Nigeria’s significant influence on Binance and the broader crypto industry, Teng outlined the company’s vision of partnering with the Nigerian government to foster economic development. He highlighted Binance’s organizational restructuring and leadership changes aimed at enhancing compliance and transparency.
Teng reaffirmed Binance’s steadfast support for Gambaryan, clarifying his role as a financial crime expert in policy discussions. He emphasized Gambaryan’s non-decision-making capacity and commitment to cooperation, urging a swift resolution to the crisis.
