By Milcah Tanimu

Richard Teng, the CEO of Binance, the world’s leading cryptocurrency trading platform, has raised concerns over the detention of the company’s executives in Nigeria, labeling it as a “dangerous precedent” with far-reaching implications for companies globally.

In an interview with Reuters on Tuesday, Teng emphasized the need to address the ongoing detention of Tigran Gambaryan, a U.S. citizen and Binance’s head of financial crime compliance. Gambaryan, along with Nadeem Anjarwalla, is facing trials on charges of tax evasion and money laundering, allegations vehemently contested by the firm.

According to Teng, the situation escalated following a series of meetings between Binance executives and Nigerian authorities in January 2024. However, matters took a concerning turn when, during a subsequent meeting on February 26, Nigerian authorities deemed the issues surrounding Binance as a matter of national security. They demanded the delisting of the naira currency from Binance’s platform and detailed information on all Nigerian users.

Teng expressed grave concern over the detention of Gambaryan in Nigeria for over two months, citing questionable grounds for his arrest. He condemned the detention of mid-level employees following collaborative policy discussions, highlighting the dangerous precedent it sets for companies globally.

In response to the situation, Binance halted all transactions and trading in naira in early March, hoping for the release of their detained colleagues and to engage in constructive dialogue with the Nigerian government. However, Teng lamented that their expectations were not met.

Teng reiterated the call for Gambaryan’s release, emphasizing the importance of allowing him to return home while Binance and Nigerian authorities work to resolve any disputes. As the case unfolds, the repercussions of these events extend beyond Binance, serving as a cautionary tale for companies navigating regulatory landscapes worldwide.