Binance CEO Richard Teng has criticized the Nigerian government’s actions, calling it a “dangerous precedent” for companies worldwide, in response to the detention of two Binance employees.
Following the arrest of two mid-level employees, who were invited to collaborate on policy meetings in Nigeria, Teng expressed concern about the implications for global companies. He stated in a public statement on May 7 that this sets a “dangerous new precedent for all companies worldwide.”
Teng revealed in a recent blog post that prior to their trip to Nigeria, Binance’s executives Tigran Gambaryan and Nadeem Anjarwalla were assured of “safe passage for their meetings.” However, despite these assurances, Teng claimed that the two were “unlawfully detained” by Nigerian authorities.
Gambaryan and his colleagues visited Nigeria in early January as part of a Binance delegation to participate in meetings with Nigerian authorities regarding crypto regulations and compliance requirements. The outcome of these meetings remains uncertain, but Teng mentioned that Gambaryan’s team was approached by unknown individuals suggesting a payment to settle allegations upon their departure. Binance’s legal advisor received a call from someone claiming affiliation with the Nigerian House Committee on Financial Crimes, demanding a significant payment in cryptocurrency to resolve the issues.
Feeling increasingly concerned, the team decided to leave Nigeria immediately, rejecting the payment demand through their counsel.
Teng emphasized that despite numerous requests, Binance has not been provided with details of the allegations made against it by Nigerian authorities. He stressed that if Nigerian authorities wish to progress on the matter with the exchange, Gambaryan “must be allowed to go home.”
Gambaryan, an American citizen, was arrested alongside British-Kenyan Nadeem Anjarwalla in February. Anjarwalla reportedly fled the country in March. Gambaryan remains in custody, awaiting a trial scheduled for May 17.
Summary Review: The detention of Tigran Gambaryan and the subsequent actions by Nigerian authorities have raised significant concerns within the global business community, particularly among companies operating in the cryptocurrency space. Binance CEO Richard Teng’s remarks underscore the potential repercussions of such actions on international business relations and the need for transparency and due process in regulatory matters. The situation highlights the importance of clear communication and collaboration between governments and businesses to address regulatory issues effectively. Moving forward, it is crucial for all parties involved to uphold principles of fairness and respect for legal rights to ensure a conducive environment for innovation and economic growth.
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