Nigeria Detains Binance Executives Amid Cryptocurrency Conflict, Despite Company's Regional Exit
Summary:
Two high-ranking Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, are allegedly being detained in Abuja, Nigeria since February 26, 2024. The detention occured following a Nigerian government's invitation to discuss Binance's alleged illegal operations in Nigeria amidst conflicts over the devaluation of Nigeria's currency, Naira, and other related controversies. Despite Binance's exit from Nigerian market, announced on March 5, 2024, the executives are still being held with little information provided regarding potential criminal prosecutions.
Binance, despite its recent withdrawal from Nigeria, has two high-ranking executives, Tigran Gambaryan and Nadeem Anjarwalla, allegedly confined in the capital city of Abuja, as per a revelation from Wiredon on March 12. Gambaryan, previously a US federal agent focusing on cryptocurrency, and Anjarwalla, now operating as the regional Binance manager for Africa based in Kenya, have been in detention since February 26, 2024, without their passports.
The families of the detained individuals say they've been given no information about if the executives will face criminal proceedings. Mr. Gambaryan's wife, Yuki Gambaryan, voiced her concerns, saying clarity is lacking on her husband's condition and what's to be expected.
In a conversation with Cointelegraph, a Binance representative acknowledged that the two remain confined in Nigeria as of March 12. The spokesperson stated, without going into the claims' details, that they're committed to collaborative efforts with Nigerian authorities to ensure the safe return of the detained executives.
The representative praised both executives as committed professionals, expressing confidence in a speedy resolution to the issue. News of the detentions initially emerged late in February but did not name the executives, as per a report by the Financial Times on February 28.
Gambaryan, a US citizen, and Anjarwalla, with dual citizenship in Kenya and the United Kingdom, arrived in Abuja on February 25 following the Nigerian government's invitation to discuss their alleged illegal activities in the country.
The executives met with Nigerian officials with the objective of addressing actions of blocking access to Binance and other crypto exchanges, accused of destabilizing the national currency, the Naira, and facilitating unlawful fund flows.
However, they were allegedly taken back to their hotels soon after the first meeting to pack up before being relocated to a "guesthouse" operated by Nigeria's National Security Agency. The official seized their passports and allegedly have been confining them against their will since.
Wired reports, Gambaryan received a visit from a US State Department official while the UK Foreign Office contacted Anjarwalla. However, with Nigerian government guards overseeing these meetings, they were unable to communicate privately. The arrests happened just days before Binance officially confirmed its total withdrawal from Nigeria on March 5.
As part of their exit strategy, Binance halted withdrawals in Naira on March 8, removed any trading pairs with the Naira on March 7, and disabled peer-to-peer trading involving the Naira towards February end.
Published At
3/12/2024 1:14:20 PM
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