The CEO of Binance, Richard Teng, has publicly spoken out against the detention of Tigran Gambaryan, an executive of the exchange, in Nigeria. Teng expressed his concerns in a blog post, stating that Gambaryan’s detainment was unjust and could potentially set a dangerous precedent for companies worldwide. It is alarming to invite a company’s employee for collaborative meetings only to detain them upon arrival, as Teng pointed out in his statement.
Gambaryan, a US citizen, serves as the head of the financial crime compliance department at Binance. He was detained alongside Nadeem Anjarwalla, Binance’s regional manager for Africa, in Nigeria’s capital, Abuja, on February 26. Teng clarified that Gambaryan was not in Nigeria in a decision-making or negotiating capacity but rather as a functional expert in financial crime and policy discussions.
Teng accused the Nigerian government of using Gambaryan’s detainment as a tactic to exert control over the exchange. He emphasized that the detention of an innocent employee was unnecessary and urged Nigeria to release Gambaryan and allow him to return home to his family. Teng also highlighted the cooperative relationship between Binance and Nigeria’s law enforcement community, emphasizing that they have worked together voluntarily on numerous occasions in the past.
In his blog post, Teng mentioned receiving requests from individuals claiming to represent Nigeria’s House Committee on Financial Crimes, demanding a significant payment in cryptocurrency. While Teng did not disclose the precise amount requested, reports from The New York Times suggested that a Nigerian government affiliate approached Gambaryan and solicited a bribe of around $150 million in cryptocurrency.
The situation involving the detention of Binance’s executive in Nigeria is troubling and raises concerns about potential corruption and abuse of power. Teng’s call for justice and transparency in the handling of this case is commendable, and it is crucial for the authorities in Nigeria to address these allegations and release Gambaryan promptly. The cryptocurrency industry must also remain vigilant against such incidents and work towards maintaining ethical standards and accountability in all business dealings.