On Tuesday, 7th May, Binance’s CEO, Richard Teng, publicly called on the Nigerian government to release Tigran Gambaryan, the head of the crypto exchange’s Financial Crime Compliance team. He cited the detention as ‘unjust’ and a dangerous precedent for international businesses.

The Nigerian government detained Gambraryan for more than 70 days when he visited the country for talks on regulatory oversight. Teng also said that despite Binance’s repeated attempts to strike a constructive deal with the Nigerian government, Gambraryan remains in detention.

“As you know, one of our beloved colleagues, Tigran Gambaryan, has been held by the government in Nigeria for more than 70 days,” Teng said in a blog post, stressing the importance of Gambaryan’s release.

He expressed his concerns about the consequences of Gambaryan’s detention and described the current situation as “a new and dangerous precedent for all companies worldwide.”

Appeals for a collaborative regulatory approach

On Tuesday, Binance’s CEO told the PUNCH, “ 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.”

He added,” The message from the Nigerian government is clear: we must detain an innocent, mid-level employee, a former U.S federal agent, and place him in a dangerous prison to control Binance. This regrettable turn of events contradicts the spirit of cooperation and transparency that Binance has constantly demonstrated in its interactions with the regulatory authorities.”

The Nigerian authorities detained Gambaryan, similar to the February incident when the authorities detained Binance employee Nadeem Anjarwalla, the Africa Regional Manager, who later caused a stir online by escaping custody.

In April, authorities arraigned Gambaryan on charges of tax evasion, money laundering, and currency speculation, with a trial set for May 2. The Economic and Financial Crimes Commission failed to provide the defense with the necessary materials, postponing the trial and frustrating Gambaryan.

The Exchange Executives demand that the Nigerian authorities release Gambaryan and resolve the matter fairly. Teng emphasized the importance of collaborating between the regulatory authorities and the government to foster crypto developments. 

As the crypto community continues to overcome regulatory challenges globally, incidents such as these highlight the importance of open and transparent regulatory frameworks that will ensure the protection of individual rights and promote a favorable environment for commercial activities.

Also read: Why Nigeria Will Ban Peer-to-Peer Crypto Transactions