Nigeria's action against Binance execs sets a dangerous precedent, CEO says

Nigeria’s action against Binance execs sets a dangerous precedent, CEO says ©provided by Business Insider Africa

The CEO of Binance, the global cryptocurrency exchange platform, has criticized Nigeria for setting a troubling precedent, following the detention of two Binance executives.

・The CEO of Binance, the global cryptocurrency exchange platform, has criticized Nigeria for setting a troubling precedent, following the detention of two Binance executives.

・Binance, and two of its executives, is presently facing trials on charges of tax evasion and money laundering.

・He stressed that Gambaryan should be permitted to return home while Binance and Nigerian authorities work to address any concerns.

Binance, and two of its executives, is presently facing trials on charges of tax evasion and money laundering. However, the company is actively contesting these allegations.

CEO Richard Teng stated in a release that it was important to speak against the detention of Tigran Gambaryan, a U.S. citizen and Binance’s head of financial crime compliance, Reuters reported.

The second executive, Nadeem Anjarwalla, a British-Kenyan serving as a regional manager for Africa, escaped from lawful custody in Nigeria in March.

The the CEO said:

Teng stated that Binance executives initially engaged in meetings with Nigerian authorities within the country in January. During a subsequent meeting on February 26th, the authorities classified the issues concerning Binance as matters of national security.

They further demanded that the exchange remove the naira currency from its platform and furnish “granular-level” information on all Nigerian users. Gambaryan and Anjarwalla were later apprehended.

“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 said.

“Our hope when we took this drastic step was that our colleagues would be released and Binance could continue to work with the Nigerian government to resolve any further concerns. Unfortunately, that didn’t happen,” said Teng.

He stressed that Gambaryan should be permitted to return home while Binance and Nigerian authorities work to address any concerns.

“We will continue engagement with Nigeria’s Federal Inland Revenue Service (FIRS) on resolving potential historic tax liabilities,” he said.