Binance CEO Richard Teng Criticizes Nigerian Authorities' Actions

CEO Criticizes Nigerian Officials

Binance CEO Richard Teng has voiced his opposition to the Nigerian authorities' detainment of exchange executives, including Tigran Gambaryan. Teng, advocating for the broader business community, calls for attention to the escalating conflict between Binance and Nigerian regulators following the arrests of Gambaryan and the Head of Binance Africa, Nadeem Anjarwalla.

Escalating Tensions

The dispute began when Nigeria's SEC issued regulations for crypto exchanges, prompting Binance to seek clarity on compliance. Teng indicates that despite proactive communications from Binance, the exchange received no response and no VASP has been licensed under the new regulations. He recounts incidents of alleged coercion attempts when Binance staff met with the Nigerian Financial Intelligence Unit and other officials, which the exchange rebuffed and subsequently left the country.

The Detainment Saga

In a detailed timeline, Teng discusses the strenuous events leading to Gambaryan and Anjarwalla's detainment, outlining the Nigerian government's accusations against them and the resulting pressures on Binance. Teng especially highlights Gambaryan's former contributions to financial crime prevention, criticizing the Nigerian government's strategy of detaining employees to influence companies as a concerning international precedent.