Binance’s CEO Calls for Release of Binance Employee Detained in Nigeria

Binance CEO Richard Teng has issued a statement regarding the ongoing detention of Tigran Gambaryan, a Binance employee, by Nigerian authorities. Gambaryan, a former U.S. federal agent and a key figure in global financial crime prevention, has been held for over 70 days. This situation, as described by Teng, poses a significant concern not only for Binance but for international business relations globally.

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

Tigran Gambaryan, who has spent a decade as a federal agent combating financial crimes, joined Binance in 2021. His role involved enhancing Binance’s compliance controls and cooperating with law enforcement worldwide. Despite his critical role in aiding global and U.S. law enforcement agencies, Gambaryan was detained under dubious circumstances during a routine policy discussion visit in Nigeria.

Binance’s Efforts and Regulatory Compliance in Nigeria

The regulatory landscape for cryptocurrencies in Nigeria has been challenging. Binance has repeatedly reached out to Nigeria’s Securities and Exchange Commission (SEC) to navigate the regulations introduced in 2022, which have remained unclear and unresponsive to the crypto industry’s efforts to comply. The lack of response from Nigerian regulators has compounded the challenges faced by Binance and other crypto service providers in the country.

After a lack of official communication and cooperation from the SEC, Gambaryan’s visit aimed at furthering compliance discussions was met with unexpected detention. Binance asserts that the charges against Gambaryan are baseless and reflect a broader issue of how international businesses are treated in Nigeria. The company has paused certain operations in Nigeria as a sign of good faith and in response to the government’s demands, yet the situation remains unresolved.

Richard Teng has publicly demanded the immediate release of Tigran Gambaryan, emphasizing his innocence and the injustice of his detention. Teng advocates for a resolution that respects the contributions of international firms like Binance to Nigeria’s economic landscape and stresses the importance of maintaining fair and lawful treatment of foreign employees.