The Chief Executive Officer (CEO) of Binance, the world’s largest cryptocurrency trading platform, Richard Teng, has labelled the detention of the company’s executives in Nigeria as a “dangerous precedent” for companies globally. has labelled the detention of the company’s executives in Nigeria as a “dangerous precedent” for companies globally.

Teng, who spoke to Reuters on Tuesday, said it was time to break the silence on the ongoing detention of Tigran Gambaryan, a U.S. citizen and Binance head of financial crime compliance.

Binance and two of its executives, Gambaryan and Nadeem Anjarwalla, are facing individual trials on charges of tax evasion and money laundering, which the firm is challenging.

Anjarwalla escaped a lawful custody, and “fled Nigeria using a smuggled passport”, the office of Nigeria’s National Security Adviser said in a statement.

On his part, Binance CEO said the executives first held meetings with Nigerian authorities in the country in January 2024.

He said on February 26, the Nigerian authorities at a follow-up meeting said the issues involving Binance were of national security and demanded that the exchange delist the naira currency from its platform and provide “granular-level” details on all Nigerian users.

“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, in his strongest comments yet since the case started in February.

Teng stated that Gambaryan had been detained in Nigeria for over two months “on dubious ground"



In early March, Binance declared that it was halting all transactions and trading in naira.

“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 stated that Gambaryan should be permitted to return home while Binance and Nigerian authorities settle any disputes.

codwyha:
The presdent here is not known for obeying rules like that.

StOla:


What precedent did America set by convicting their founder?

Is the detention not on a valid court order, yet you feel the need to run down your country?

Kingsmeal:


Keep supporting evil.

You invite mid level employees for a meeting, they attend and they got detained. Keep cheering this nonsénse, while you jump from country to country and plane to plane looking for investors.

You think they don't do their research before throwing their millions? Ride on boy.

Kingsmeal:


Keep supporting evil.

You invite mid level employees for a meeting, they attend and they got detained. Keep cheering this nonsénse, while you jump from country to country and plane to plane looking for investors.

You think they don't do their research before throwing their millions? Ride on boy.

StOla:


Keep running down your own country to please those who are only after profit of their business and that of their employers.

America did what is good for America, just as Nigeria is doing what is good for Nigeria.

Binance and it's goal to make profit, cannot be more important than America or Nigeria economic stability.

Immense shame on you and your lineage.

Kingsmeal:


See who is talking about running down a country.

You think we have forgotten what you guys did in 2012?

Obviously, you were a kid then. My bad

StOla:


You are really even proud to admit you are supporting Binance that is a foreign entity over your own country because of local political differences?

Chai!

Shame on your whole community.

codwyha:
The presdent here is not known for obeying rules like that. We'll be having these type of incidents at least till he's gone.

yoniehuin:
Some member of the house of representatives meet with binance excecutives in Nigeria, after the meeting their agents ask for bribes in cryptocurrency.

According to binance ceo blog, binance executives met with Honourable Peter Akpanke(PDP), the Honourable Philip Agbese(PDP), and the Honourable Peter Aniekwe(LP), as well the clerk of the house.

After the meeting, an agent of these law makers ask for bribes in cryptocurrency to make the case go away.

Krankhead:
Defend your country for once. The same company chief executive is already sentenced to jail.in America. His friend escape from jail in Nigeria and you want govt to release him. He is flight risk.
He is not a citizen of Nigeria. That is how it been played all over the world. If you are not a citizen of a country and you committed an offence , you will held in prison till your case is finished.
Take Ekweremadus case for example. He was not admitted to bail.i. UK because he is not a citizen. Why don't you question UK for doing that. But to you anything Nigeria govt do is Bad. Stand up for your country for once. We don't have any other country

SmartPolician:
After detaining them, you still tour around the world telling companies to come and invest in your country

Mynd44:
Binance should have told the American government the same thing

StOla:


What precedent did America set by convicting their founder?

Is the detention not on a valid court order, yet you feel the need to run down your country?