Richard Teng, the Chief Executive Officer (CEO) of Binance, the world’s leading cryptocurrency trading platform, has condemned the detention of the company’s executives in Nigeria, labeling it a “dangerous precedent” with far-reaching implications for companies worldwide. Teng’s remarks, made in an interview with Reuters on Tuesday, underscore the escalating tensions surrounding the case.
The detained executives, including Tigran Gambaryan, Binance’s head of financial crime compliance, and Nadeem Anjarwalla, are embroiled in individual trials over allegations of tax evasion and money laundering, charges vehemently contested by the firm.
According to Nigeria’s National Security Adviser, Anjarwalla escaped lawful custody, purportedly utilizing a smuggled passport to flee the country.
Teng revealed that the executives initially engaged in collaborative policy discussions with Nigerian authorities in January 2024. However, tensions escalated during a follow-up meeting on February 26, wherein Nigerian officials categorized the issues concerning Binance as matters of national security. They demanded the delisting of the naira currency from Binance’s platform and comprehensive disclosure of user data.
“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,” Teng asserted, expressing his strongest condemnation yet since the case’s inception.
Highlighting Gambaryan’s prolonged detention of over two months on what he termed “dubious ground,” Teng reiterated calls for his release, emphasizing the need for amicable resolution between Binance and Nigerian authorities.
In response to the escalating standoff, Binance announced the suspension of all naira transactions and trading activities in early March, hoping for a swift resolution to the impasse. However, Teng lamented the failure of authorities to release the detained executives, underscoring the urgent need for their freedom while urging for continued dialogue to address any remaining concerns.
Amidst mounting international scrutiny, Teng’s statements underscore the broader implications of Nigeria’s actions on global business operations, emphasizing the critical need for transparent and fair regulatory practices in the cryptocurrency space.