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Binance Collaborates with Nigerian Authorities to Address Executive Detention

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louis Buyisiwe

Apr 18, 2024

CEO Confirms

Anjarwalla and Gambaryan flew to Nigeria following the country's decision to ban several cryptocurrency trading websites and were detained on arrival on Feb. 26 by Nigeria's anti-corruption body the Economic and Financial Crimes Commission (EFCC).
Binance CEO Richard

In a recent development, Binance, a leading global cryptocurrency exchange, is actively cooperating with Nigerian authorities to address the detention of its top compliance executive. Tigran Gambaryan, the Head of Financial Crime Compliance at Binance, was detained by Nigerian officials on charges of money laundering involving over $35 million.


A Nigerian court has postponed the hearing to May 2, following the initial announcement by Nigeria's anti-corruption agency on April 8. Speaking at the Token2049 cryptocurrency conference in Dubai, Binance CEO Richard Teng emphasized the company's commitment to resolving the issues. "We are working very closely with the Nigerian authorities to try to resolve the matter," Teng stated.


Background of the Case

The situation unfolded when Gambaryan and another Binance official, Nadeem Anjarwalla, a British-Kenyan and the regional manager for Africa, traveled to Nigeria. This was in response to Nigeria's recent prohibition of several cryptocurrency trading platforms. They were detained upon arrival on February 26 by the Economic and Financial Crimes Commission (EFCC).

Anjarwalla reportedly left Nigeria last month amid these developments. Additionally, the Federal Inland Revenue Service (FIRS) has also filed tax evasion charges against Binance and its executives, with the case scheduled for a court appearance this Friday.


Binance's Response and Industry Impact

Vishal Sacheendran, Binance’s Head of Regional Markets, commented on the incident from Dubai, describing it as unprecedented. "This was a one-off. It's never happened to us before," said Sacheendran.

The ongoing legal challenges in Nigeria highlight the complexities global cryptocurrency firms face as they navigate varying regulatory landscapes. Binance's proactive engagement with Nigerian authorities reflects its strategy to foster compliance and cooperation within regulatory frameworks across its operational territories.


Looking Forward

As the cryptocurrency market continues to evolve, the outcomes of such regulatory interactions will likely influence the operational strategies of crypto firms worldwide. Binance remains committed to legal compliance and constructive dialogue with regulatory bodies to promote a stable and trustworthy environment for cryptocurrency trading.

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