Richard Teng, the CEO of cryptocurrency exchange Binance, has affirmed the company’s commitment to working closely with Nigerian authorities to address the detention of its Head of Financial Crime Compliance, Tigran Gambaryan.
The executive’s detention stems from accusations of laundering over $35 million, as announced by the Economic and Financial Crimes Commission (EFCC) on April 8.
Amid ongoing legal proceedings, a Nigerian court has adjourned the case against Gambaryan and another Binance official until May 2.
Speaking at a crypto conference in Dubai, CEO Richard Teng emphasized the company’s collaborative approach in resolving the matter with Nigerian authorities.
The second official, Nadeem Anjarwalla, a British-Kenyan serving as Binance’s regional manager for Africa, fled Nigeria last month.
Anjarwalla and Gambaryan were detained upon their arrival in Nigeria on February 26, following the country’s ban on several cryptocurrency trading platforms.
In addition to the EFCC’s charges, the Federal Inland Revenue Service (FIRS) has leveled allegations of tax evasion against Binance and its executives.
The tax evasion case will be mentioned before a court today (Friday), adding to the legal complexities facing the cryptocurrency exchange.
Binance’s Head of Regional Markets, Vishal Sacheendran, described the detentions as an unprecedented incident for the company.
While declining to comment on the specific charges, Sacheendran reaffirmed Binance’s commitment to engaging with Nigerian authorities and navigating the legal process.
The detention of Binance executives and the subsequent legal challenges underscore the regulatory uncertainties surrounding the cryptocurrency industry in Nigeria and globally.
As one of the world’s leading cryptocurrency exchanges, Binance faces heightened scrutiny amid evolving regulatory landscapes and enforcement actions.
Despite the challenges, Binance remains optimistic about resolving the situation and maintaining its operations in Nigeria and across Africa.
The company’s collaborative approach with Nigerian authorities reflects its commitment to addressing legal issues transparently and in accordance with regulatory requirements.
As the legal proceedings unfold, stakeholders in the cryptocurrency space closely monitor developments, recognizing the implications for industry regulation, investor confidence, and market stability.
Binance’s response to the detention underscores the importance of cooperation between cryptocurrency platforms and regulatory agencies in fostering a secure and compliant ecosystem for digital assets.
