Binance CEO urgently calls for release of compliance officer detained in Nigeria

Richard Teng, CEO of Binance, recently expressed his concerns about Tigran Gambaryan, the head of compliance who is detained in Nigeria, in a public statement. This is the first time Teng has publicly declared Gambaryan's innocence and called for his immediate release. Gambaryan is a US citizen and former IRS agent who is dedicated to fighting financial crime. Gambaryan and Nadeem Anjarwalla, Binance's regional manager for Africa, were detained upon their arrival in Abuja on February 26. They were charged with profiting from illegal trading at Binance and were criminally indicted on February 28, while Anjarwalla managed to escape on March 22.
Binance CEO calls for immediate release of colleagues detained in Nigeria
Richard Teng criticized the Nigerian authorities for setting a dangerous precedent by detaining foreign corporate employees who came to Nigeria to discuss politics. He stressed that Gambaryan did not come to Nigeria as a decision-maker or negotiator, but to provide expertise in financial crimes. Teng further stated that he strengthened global compliance supervision after taking over the position of CEO in November, replacing Changpeng Zhao. Changpeng Zhao previously admitted that he failed to effectively implement anti-money laundering strategies and agreed to pay a $50 million settlement to the United States.
On the legal front, prosecutors from Nigeria’s Economic and Financial Crimes Commission stressed the importance of detaining Gambaryan to controlling Binance during a bail hearing on April 25, despite him being a mid-level, non-decision-making employee. Teng has been actively campaigning for Gambaryan’s release, emphasizing the wrongful nature of his detention and the need for him to return to his family.
The incident relates to the broader regulatory issues Binance faces in Nigeria. The Nigerian Securities and Exchange Commission issued digital asset regulations in May 2022, and Binance attempted to comply but faced challenges due to unclear guidelines and inaction by officials. In June 2023, the Securities and Exchange Commission accused Binance of operating illegally, prompting the exchange to suspend fundraising from Nigerian investors. The sharp depreciation of the Nigerian currency, the naira, has caused many people to use Binance's peer-to-peer platform, which may have affected local foreign exchange rates. Despite Teng's cooperative measures to shut down certain features on the Binance platform, the detention continued.
Richard Teng’s recent actions demonstrate his clear commitment to resolving the crisis, stressing the need to find a swift solution to get Gambaryan home and continue to resolve Binance’s issues with Nigerian law enforcement and tax agencies. This ongoing situation presents significant challenges not only for Binance, but for all international companies operating in a complex regulatory environment.
My friend and colleague Tigran Gambaryan has been detained by the Nigerian government in an illegal manner for over 70 days. We are working tirelessly to get Tigran home.
I shared the full context of this situation publicly here for the first time. ⤵️
https://t.co/Rg3DEYJZgW
— Richard Teng (@_RichardTeng)
May 7, 2024
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