Binance CEO alleges Nigerian officials suggested clandestine cryptocurrency resolution

Fresh details have emerged indicating that Nigerian officials attempted to pressure Binance representatives into a secret cryptocurrency settlement during meetings in early 2024. Binance CEO Richard Teng provided a comprehensive account of Tigran Gambaryan’s ongoing detention on May 7. Gambaryan, a former US Internal Revenue Service agent who led Binance’s financial crime compliance team, was detained while on a business trip to Nigeria. Teng criticized the Nigerian government’s actions, stating that the country has set a dangerous precedent for all companies worldwide by detaining two of its employees.
Gambaryan, a highly respected figure in global financial crime prevention, was apprehended during a visit to Nigeria. Teng outlined Binance’s efforts to engage constructively with Nigerian authorities, including participating in regulatory discussions and cooperating with law enforcement agencies.
According to Teng, Binance employees began discussions with Nigerian authorities during public investigative hearings following a request from the chairman of the House of Representatives Committee on Financial Crimes (HCFC). The committee reportedly raised concerns about Binance’s operations in Nigeria and indicated that they were ready to summon Binance, issue arrest warrants against the exchange’s team and CEO, and prevent its delegation from leaving the country.
A public hearing was scheduled for January 10, and Binance was expected to publicly respond to any allegations in the presence of petitioners, the press, and over 30 agencies. Teng claimed that Binance had not received details of the allegations and that the delegation sought to submit written responses in the absence of a public hearing. The committee chair promised to consider the request and respond to Binance’s legal counsel.
Binance’s CEO alleges that unknown individuals approached the exchange’s employees and proposed a settlement payment to resolve the allegations. Teng stated that Binance’s local counsel received terms from an agent representing the HCFC committee. However, the exchange declined the payment demand through its local legal representation and continued to engage in settlement negotiations. Binance presented several demands as it prepared to proceed with discussions with Nigerian authorities.
Subsequent meetings were scheduled for late February, with representatives from various government offices, including the Office of The National Security Adviser, the Office of the President, the Central Bank of Nigeria, the Nigerian Financial Intelligence Unit, the Economic and Financial Crimes Commission, and the Nigerian SEC.
“Despite the clear risks, Tigran Gambaryan and Nadeem Anjarwalla (head of Binance Africa) received multiple assurances that they would be granted safe passage for their meetings,” Teng said.
The situation escalated when Nigerian officials demanded actions from Binance, including delisting the naira from their platform and providing detailed user information, leading to the detention of Gambaryan and Anjarwalla. Despite being assured of their safety, Binance claims that the pair were held against their will, and their passports and mobile phones were confiscated. Gambaryan remains detained, with the Nigerian government insisting that his release is contingent on Binance’s compliance with its demands.
In response, Binance has decided to shut down certain services in Nigeria in an attempt to resolve the situation and secure Gambaryan’s release.