Two Binance Executives Detained by Nigerian Authorities
Two senior executives from the cryptocurrency exchange Binance have been detained against their will by Nigerian authorities for the past two weeks. Tigran Gambaryan, who leads Binance’s criminal investigations team, and Nadeem Anjarwalla, Binance’s regional manager for Africa, have been stripped of their passports and confined to government property in Abuja, the Nigerian capital.
The Dispute Between Binance and the Nigerian Government
The ordeal began when Gambaryan and Anjarwalla arrived in Abuja on February 26 to address the ongoing dispute between Binance and the Nigerian government. The government had ordered telecoms in the country to block access to Binance and other cryptocurrency exchanges. They cited reasons such as the devaluation of the national currency, the naira, and alleged facilitation of “illicit flows” of funds.
Families Concerned About Detained Executives
The families of Gambaryan and Anjarwalla are deeply concerned about the situation and frustrated by the lack of information. Gambaryan’s wife, Yuki Gambaryan, expressed her distress over not knowing how he is doing or when he will return.
- Despite visits from US and UK officials, the executives have not been able to communicate privately due to Nigerian government guards.
- Anjarwalla was briefly transferred to a hospital when he fell ill, possibly due to malaria, but has since been returned to government property.
Binance’s Response
Binance declined to provide details regarding the accusations or demands made by the Nigerian government but stated that they are working collaboratively with Nigerian authorities to secure the safe return of the executives. They emphasized the professionalism and integrity of Gambaryan and Anjarwalla and expressed hope for a swift resolution.
Gambaryan’s Reputation
The detention of Gambaryan, a former US federal agent specializing in cryptocurrency-related investigations, is ironic. He was recruited by Binance to improve compliance with regulations and cooperate with law enforcement. Prior to joining Binance, he was involved in high-profile cases such as the Silk Road dark-web drug market investigation and the takedown of the Welcome to Video crypto-based child sexual abuse materials network.
Regulatory Scrutiny on Binance
Binance recently discontinued all services involving the Nigerian naira (NGN) after regulatory scrutiny. The Nigerian government imposed a $10 billion fine on Binance as part of a crackdown on the platform to stabilize the nation’s local currency.
Hot Take: Concerns Mount Over Detention of Binance Executives in Nigeria
The detention of Binance executives by Nigerian authorities raises concerns about their well-being and the lack of information surrounding their situation. Families are frustrated by the uncertainty and inability to communicate privately with their loved ones. Binance’s collaboration with Nigerian authorities indicates their commitment to resolving the matter swiftly.
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