Binance executives held by Nigerian authorities amidst a dispute

Binance executives held by Nigerian authorities amidst a dispute - Binance News - News

In the unfolding controversy between cryptocurrency exchange Binance and Nigerian authorities, two high-ranking executives, Tigran Gambaryan and Nadeem Anjarwalla, have reportedly been under detention for the past two weeks. The detentions, as disclosed by The Wall Street Journal and Wired, are linked to allegations made by Nigeria against Binance, with the African country demanding a hefty sum of $10 billion in penalties.

Detention Amidst Dispute: A Developing Saga

Gambaryan, Binance’s head of financial crime compliance and a U.S. citizen, and Anjarwalla, the exchange’s Kenya-based regional manager for Africa, holding dual citizenships of the U.K. and Kenya, were invited by the Nigerian government to discuss the ongoing dispute. Following their arrival in Abuja on February 25, as per reports obtained by Wired, the executives were held against their will after an initial meeting with government officials.

Executive Detentions

Family accounts cited by Wired suggest that Gambaryan and Anjarwalla were escorted to their hotels after the meeting, instructed to pack their belongings, and relocated to a “guesthouse” managed by Nigeria’s National Security Agency. Despite visits from U.S. and U.K. government officials, their interactions were conducted under the watchful eyes of Nigerian government guards.

Collaborative Efforts for Resolution

Binance, in response to inquiries, has emphasized its commitment to cooperating with Nigerian authorities to ensure the safe return of Gambaryan and Anjarwalla to their families. The exchange expressed confidence in its executives’ professionalism and integrity, asserting that a swift resolution to the matter was imminent.

Statements from Binance

“While it is inappropriate for us to comment on the substance of the claims at this time, we can say that we are working collaboratively with Nigerian authorities to bring Nadeem and Tigran back home safely to their families,” a spokesperson for Binance shared with CoinDesk. This statement underscores the company’s steadfast support for the detained executives.

Official Response and Ongoing Developments

As the situation progresses, the office of Nigerian President Bola Ahmed Tinubu remains silent on the matter. Reports from The Financial Times initially shed light on the detentions, choosing to keep the identities of those involved anonymous.

Global Attention and Concerns

With Gambaryan’s background as a former special agent of the U.S. Internal Revenue Service Criminal Investigation (IRS-CI) Cyber Crimes Unit and Anjarwalla’s role as a pivotal figure in Binance’s African operations, the detentions have sparked significant interest within the cryptocurrency community. Nigerian authorities’ detention of Binance executives amidst a dispute with the cryptocurrency exchange has garnered attention globally.

As developments unfold, stakeholders eagerly await further updates on this ongoing matter. The specifics of the allegations remain undisclosed, but both Binance and Nigerian authorities are working diligently to find a resolution and ensure the safe return of the detained individuals. Stay tuned for more updates as this story continues to unfold.