Binance requests release of detained employee in Nigeria

Last month, one of Binance‘s two detained workers in Nigeria was requested by the company to be released by the government, as the other employee had allegedly managed to escape from custody.

Binance, the biggest cryptocurrency exchange globally, is calling for the freedom of Tigran Gambaryan from Nigerian jail while the country probes the company for suspected tax evasion during its ongoing investigation as part of a broader clampdown.

Based on Binance’s declaration, Gambaryan does not have the authority to make decisions within the company, so he should not be held accountable for allegations against Binance. An announcement made to on April 3 called for Gambaryan’s release as Binance and Nigerian government officials work towards a resolution.

Tigran, although no longer an employee of the U.S. government, continues to uphold the principles of strict law enforcement. He is not connected to Binance’s management team but instead champions the cause of effective governance and clear financial regulations on a global scale.

Binance statement on proposed Gambaryan’s release

Nigeria arrests two Binance executives

Back in February, American citizen Gambaryan and British-Kenyan Nadeem Anjarwall were taken into Nigerian police custody at Abuja airport. The arrest came after Binance, the cryptocurrency exchange, was requested by Nigerian authorities to attend a hearing in the capital city. As a result, all transactions involving the Nigerian currency (naira) and peer-to-peer services have been suspended since then.

Initially, Nigerian financial authorities and watchdogs pointed fingers at the crypto exchange for enabling money laundering, financing terrorism, and manipulating foreign exchange rates.

The Governor of Nigeria’s Central Bank, Olayemi Cardoso, additionally asserted that the unregulated cryptocurrency exchange, Binance, allegedly enabled the transfer of $26 billion in undeterminable wealth during the previous year. Reports suggested that Nigeria was contemplating imposing a penalty of approximately $10 billion on Binance for violations.

A Nigerian court granted local authorities access to the cryptocurrency exchange’s records, requiring the platform to provide information on all its Nigerian users, including their transaction history. Around late March, reports claimed that Anjarwall managed to flee from an Abuja lodging and subsequently boarded a plane.

A representative from the company announced the news and stressed the importance of working with Nigerian authorities to find a quick solution to this issue. According to Reuters, Nigeria is currently in talks with Interpool about issuing an international arrest warrant for Anjarwall. Discussions are ongoing between the two parties regarding a tax evasion investigation.

The two employees brought a human rights lawsuit against Nigeria’s government after being detained for more than two weeks without being charged.

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2024-04-03 16:20