Thursday, May 23, 2024

Binance CEO Slams Nigeria’s Detention of Execs as Dangerous Precedent.

The CEO of Binance, the biggest cryptocurrency exchange in the world, has strongly criticised Nigeria’s recent moves, saying that they set a worrying precedent.

The CEO of Binance, Richard Teng, denounced Nigeria’s arrest of two of his executives amid a crackdown on cryptocurrencies.

The executives, Nadeem Anjarwalla and Tigran Gambaryan, are being tried separately for alleged tax evasion and money laundering. Teng underlined that Binance disputes these claims.

Anjarwalla, a British-Kenyan regional manager for Africa, left the country in March, but Gambaryan, an American citizen and head of financial crime compliance at Binance, was detained in Nigeria for more than two months.

Teng disclosed that executives from Binance had first met with Nigerian authorities in January and then again on February 26. In the course of this meeting,

The problems pertaining to Binance have been classified as questions of national security by Nigerian authorities. They asked for comprehensive data on all Nigerian users and demanded that the naira be removed from Binance’s platform.

Teng harshly denounced the incarceration of Gambaryan and Anjarwalla following cooperative contacts with Nigerian authorities. He claimed that this action creates a risky precedent for businesses across the globe.

In response, Binance suspended all naira transactions and trading in early March, hoping that their colleagues would be freed and that talks with the Nigerian government might resume.

Teng underlined the urgency of Gambaryan’s release and said that Binance is dedicated to working with Nigerian authorities to resolve any problems, including interacting with the Federal Inland Revenue Service (FIRS) over possible past-due taxes.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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