Binance Exec in Nigeria: Facing Additional Charges

Binance, a troubled global cryptocurrency exchange, is facing additional challenges in Nigeria as its United States-based executive, Tigran Gambaryan, is still detained in the country. Despite Binance’s efforts to engage in dialogue with local regulators, Nigeria has introduced more charges against the exchange, according to The Wall Street Journal. In February 2024, Nigerian regulators accused Binance of contributing to the crash of the Nigerian naira, the country’s fiat currency. Bayo Onanuga, the presidential adviser on information and strategy, even suggested banning platforms like Binance in Nigeria.

In response to the potential ban, two senior Binance executives, including Gambaryan and Nadeem Anjarwalla, traveled to Nigeria in an attempt to engage in discussions with local authorities. Both executives were detained, even though Binance promptly delisted all naira transactions and ceased peer-to-peer naira transactions in February. The Wall Street Journal’s recent report on new charges against Binance comes at a time when the exchange has released a statement urging Nigerian authorities to release Gambaryan. Binance argues that Gambaryan holds decision-making power within the company and should not be held responsible while discussions between Binance and Nigerian government officials are ongoing.

While Gambaryan remains in custody in Nigeria, it has been reported that Nadeem Anjarwalla, another Binance executive who was also detained, managed to escape the country in March using a fake passport. According to local reports, Anjarwalla fled detention on March 22 after being taken to a nearby mosque for prayers.

These developments highlight the increasing challenges faced by Binance in Nigeria. The exchange has been actively cooperating with local authorities since being accused of contributing to the crash of the Nigerian naira. Despite its efforts to engage in dialogue, Binance continues to face charges and detainment of its executives. The release of Gambaryan has become a critical concern for Binance, as they argue that he should not be held accountable for the company’s actions while negotiations with Nigerian authorities are still ongoing. Anjarwalla’s escape from Nigeria using a fake passport adds another layer of complexity to the situation.

It remains to be seen how Binance will navigate these challenges in Nigeria moving forward. As one of the world’s largest cryptocurrency exchanges, Binance’s operations in Nigeria are at stake, and the outcome of ongoing discussions with Nigerian regulators will likely have a significant impact on the exchange’s future in the country. The detention of Binance executives and the introduction of new charges further exacerbate the already tense relationship between the exchange and Nigerian authorities.