As the trial of Binance executive Tigran Gambaryan resumes in Nigeria, here’s a recap of the key events so far.
On July 5, Nigerian authorities continued their case against Tigran Gambaryan, a Binance executive who has been held by the Economic and Financial Crimes Commission (EFCC) since February.
What started as concerns over currency manipulation has grown into a major legal battle between Binance, the world’s largest cryptocurrency exchange, and Nigerian authorities.
The Beginning of the Conflict
The issues began on February 20 when Binance users in Nigeria faced difficulties trading Tether (USDT) for naira, Nigeria’s local currency, on its peer–to–peer (P2P) platform. Binance responded by limiting USDT purchases with naira, disabling the “Buy” option, and pegging the exchange rate at 1,802 naira to the US dollar, citing fraud prevention concerns.
Following this, Nigerian authorities blocked access to major cryptocurrency exchanges, including Binance, due to concerns about currency manipulation and money laundering. This led to the detention of Binance officials Nadeem Anjarwalla and Tigran Gambaryan in Nigeria’s capital, Abuja, as part of an ongoing investigation by the Office of the National Security Adviser.
By March 5, Binance had suspended all services involving Nigerian naira, including deposits and withdrawals, and removed naira trading pairs from the platform. Users were given three days to withdraw or convert their naira balances to USDT.
Summary Review: The legal conflict between Binance and Nigerian authorities has escal from concerns over currency manipulation to a full-blown legal battle. With Binance’s restrictions on naira trading, the blockade of major crypto exchanges, and the detention of Binance executives, the situation has significantly impacted cryptocurrency operations in Nigeria. As the trial of Tigran Gambaryan continues, it remains to be seen how these legal issues will affect Binance’s future operations and regulatory relationships in Nigeria and beyond.
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