Two of Binance‘s top-level executives, Tigran Gambaryan and Nadeem Anjarwalla, faced detention by Nigerian officials during a recent visit to Abuja. The purpose of their visit on February 25th was to engage in discussions with the Nigerian government concerning a contentious matter involving the global cryptocurrency exchange.
International Executives in Custody
Upon concluding a meeting with Nigerian officials, Gambaryan, Binance’s head of compliance and a U.S. citizen, together with Anjarwalla, the exchange’s director for Africa who holds Kenyan and UK citizenship, were taken into custody. They were held at a facility linked to the Nigerian National Security Agency, which caused concern among their relatives.
The recent revelation of their identities sheds light on the plight of the executives, highlighting Gambaryan’s background as a former IRS Cyber Crimes Unit specialist and Anjarwalla’s high-ranking position within Binance. Both have since received consular visits from the U.S. and UK, under the watchful eye of Nigerian authorities.
Binance Faces Severe Allegations
The crux of the matter stems from accusations by the Nigerian government that Binance had been party to the processing and laundering of about $26 billion in funds that could not be accounted for. They reportedly faced a demand from the Nigerian government for a staggering $10 billion fine for these alleged activities.
Following the detention incident, a Binance representative confirmed the situation and stated that the organization is actively engaged with Nigerian officials to facilitate a safe return for Gambaryan and Anjarwalla. The spokesperson extolled the virtues of the executives and reaffirmed Binance’s commitment to support them, expressing optimism for a speedy resolution.
This incident underscores the ongoing regulatory hurdles and potential legal entanglements that cryptocurrency entities like Binance may encounter in different jurisdictions worldwide.