Binance CEO React To Nigerian Government’s Continued Detention Of Employee

Binance CEO React To Nigerian Government’s Continued Detention Of Employee

Richard Teng, the CEO of Binance, has condemned the Nigerian government’s decision to detain employee Tigran Gambaryan, labeling it as both unjust and setting a dangerous precedent for international businesses……READ ALSO Court Sentences Binance Founder To Four Months In Prison 

Despite Binance’s repeated attempts to engage with Nigerian authorities, Gambaryan remains in custody without valid reason, according to Teng.

In a statement released on Tuesday, Teng expressed alarm at the recent trend of inviting mid-level employees to participate in collaborative policy discussions and then detaining them, describing it as a perilous precedent for companies worldwide.

“The Nigerian government’s message is clear: detain an innocent mid-level employee, a former U.S. federal agent, and place him in a precarious prison to exert control over Binance,” Teng stated.

Gambaryan and his colleague Nadeem Anjarwalla were apprehended on February 26 in connection with a criminal inquiry into Binance’s operations in Nigeria. Anjarwalla managed to escape custody, while Gambaryan remains detained at the Kuje Correctional Centre pending the determination of his bail application.

The Nigerian government has accused Binance of manipulating exchange rates on its platform, resulting in the depreciation of the naira. Furthermore, the Economic and Financial Crimes Commission has alleged that Binance, Gambaryan, and Anjarwalla concealed the source of $35,400,000 generated as revenue in Nigeria, knowing that the funds constituted proceeds of unlawful activity.

However, Teng emphasized that Nigerian authorities are unjustly detaining one of Binance’s mid-level employees who lacks decision-making authority.

The CEO called for an urgent resolution to the crisis, stressing the importance of allowing Gambaryan to return home for progress. Binance reiterated its commitment to collaborating with Nigerian law enforcement, highlighting past engagements and ongoing efforts to address tax liabilities with Nigeria’s Federal Inland Revenue Service.

Recognizing Nigeria’s significance, Teng underscored the importance of collaboration with authorities for the future of Binance and the crypto industry. He outlined Binance’s vision of partnering with the Nigerian government to foster economic development and reiterated organizational restructuring efforts while expressing continued support for Gambaryan, emphasizing his non-decision-making role in Nigeria.

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