Tigran Detained!? Binance CEO Demands Release of Employee in Nigeria

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Binance Holdings Ltd. CEO Richard Teng has taken a bold stance, demanding the release of Tigran Gambaryan, detained by the Nigerian government for over 70 days. Teng asserts Gambaryan’s innocence, calling the detention a scapegoat strategy.

Newly discovered information suggests that Nigerian officials tried to force Binance representatives into a secret cryptocurrency settlement during meetings in early 2024.

In a strongly worded blog post, Teng condemns the Nigerian government’s actions, labeling them as setting a perilous precedent for global companies. He emphasizes the need for Gambaryan’s unconditional release.

“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,”

Richard Teng

Following a Familiar Path

Drawing parallels to the United States’ actions, which fined Binance a staggering $4 billion and sentenced its former CEO, Changpeng Zhao, to a four-month term, Teng highlights the severity of the situation. While reports of Nigeria seeking a $10 billion fine from Binance have circulated, many experts dismiss them.

Contrary to misconceptions, Teng clarifies that Gambaryan’s visit to Nigeria wasn’t in a decision-making capacity but as an expert in financial crime and policy discussions.

My friend and colleague, Tigran Gambaryan, has been unlawfully detained by the Nigerian government for more than 70 days. We're tirelessly working to #BringTigranHome.

For the first time publicly, I'm sharing the full context of this situation here. https://t.co/Rg3DEYJZgW

— Richard Teng (@_RichardTeng) May 7, 2024

Radio Silence from Nigeria

The Nigerian Financial Intelligence Unit (NFIU) and the Economic and Financial Crimes Commission (EFCC) have maintained silence on the matter. Moreover, Gambaryan’s detention appears to have stemmed from unofficial channels of communication between NFIU and Binance earlier this year.

The Blame Game Continues

The Nigerian government attributes the surge in cryptocurrency demand to the weakening national currency. Presently, the Nigerian Naira trades at approximately 1,383 for a single US dollar.

As a preemptive measure, the Nigerian SEC proposes regulatory changes, including a potential ban on person-to-person (P2P) transactions involving the Naira.

With mounting tensions between Binance and Nigerian authorities, Teng’s call for Gambaryan’s release rings loud, urging a resolution to the ongoing standoff.

Will Nigeria’s aggressive tactics chill global crypto adoption? Share your thoughts.