Binance Requests Nigeria to Release Detained Executive

Key Takeaways

Binance has called for the release of its executive Tigran Gambaryan, detained in Nigeria, asserting his lack of decision-making power within the company;
The other detained executive, Nadeem Anjarwalla, has managed to escape custody;
The detention of these executives in Nigeria stems from accusations by Nigerian regulators that Binance contributed to the crash of the NGN and was linked to money laundering and terrorism financing.

Binance, the world’s largest crypto exchange, has issued a statement asking for the release of Tigran Gambaryan, its executive detained in Nigeria.

The detainment followed a conflict that originated in February, when Nigerian regulators pointed fingers at Binance for contributing to the crash of the country’s currency, the Nigerian naira (NGN), and for concerns over money laundering and terrorism financing linked to the platform.

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In a bid to resolve these issues, Binance dispatched two of its executives, Tigran Gambaryan and Nadeem Anjarwalla, to Nigeria, hoping to open a line of communication with the authorities. The outcome was not as expected since both executives were detained.

In response, Binance issued a statement asking the Nigerian government not to hold Gambaryan responsible, arguing that he is a law enforcement professional and not part of Binance management. It says:

Binance respectfully requests that Tigran Gambaryan, who has no decision-making power in the company, is not held responsible while current discussions are ongoing between Binance and Nigerian government officials.

In the background of this request, Nigeria has reportedly introduced even more charges against Binance, despite the crypto exchange’s attempts to engage in constructive dialogue with local regulatory bodies.

Meanwhile, the other detained executive, Anjarwalla, escaped custody when the security personnel on duty allowed him to visit a mosque to pray. He is said to have left the country using his Kenyan passport.

The unfolding legal saga between Binance and Nigerian authorities highlights the complex challenges crypto exchanges face in navigating global regulations. 

Such challenges have also led Binance to discontinue all services involving the NGN in March.

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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