Binance CEO Demands Release of Detained Nigerian Employee
In a developing story, the Chief Executive Officer of the cryptocurrency trading platform Binance, Richard Teng, has called for the immediate release of one of his employees, Tigran Gambaryan, who is currently on trial in Nigeria.
The saga began in February when Gambaryan and another Binance executive, Anjarwalla, were arrested and detained after arriving in Nigeria. The Nigerian government claimed that an investigation had uncovered money laundering and terrorism financing activities linked to the Binance cryptocurrency exchange platform.
However, Teng has firmly refuted these allegations, stating that the government has no valid reason to continue detaining Gambaryan, an innocent employee.
“One reason the Nigerian government has cited for continuing to hold Tigran is that ‘Binance is operating virtually. The only thing we have to hold on to is this defendant.’ This statement is far from the truth,” Teng said. “There is no need to imprison an innocent employee to address any allegations against Binance.”
Teng emphasized that Binance has been able to resolve issues with governments in other countries, such as the United States, Thailand, Brazil, and India, without resorting to detaining its employees. He expressed his disappointment that the Nigerian government has chosen a different approach, calling it unjustified.
Furthermore, Teng denied the government’s claim that Binance was responsible for the decline in Nigeria’s currency, the Naira. He explained that the Naira’s significant depreciation was primarily due to the government’s decision to end the currency’s peg in June 2023, which caused the Naira to plummet from around 460 to the US dollar to an alarming 1,660 to the US dollar as of July 2024.
“The downward trend has continued since. The Naira traded at a recent low of USD1:1,660 on 31 July 2024, representing a 50% decline from the start of 2024,” Teng said. “This downward trend persisted despite Binance ceasing to offer P2P services in the country in February 2024.”
Teng also refuted the government’s claim that Binance had generated $26 billion in revenue from Nigeria in 2023, stating that the actual figure was the total transaction volume, not revenue. He clarified that Binance’s revenue is based on a small percentage of transaction fees, and the company is known for offering some of the lowest transaction fees in the industry.
Adding to the concerns, Teng expressed deep worry about the deteriorating health condition of Gambaryan, who is reportedly in severe pain and unable to walk due to a herniated disc. Teng accused the Nigerian government of refusing to provide adequate medical care, including access to a wheelchair, as well as denying Gambaryan’s legal counsel access to him, despite a trial scheduled for September 2nd.
As the situation escalates, the Binance CEO’s call for the release of Tigran Gambaryan has brought the spotlight onto the Nigerian government’s treatment of the detained employee. This case highlights the challenges faced by multinational companies operating in the country and the importance of upholding due process and human rights.
