The CEO of Binance, Richard Teng, has demanded the immediate release of Tigran Gambaryan, an employee of the cryptocurrency exchange company, currently detained in Nigeria.
Gambaryan, along with fellow executive Nadeem Anjarwalla, was arrested in February after arriving in Nigeria following a ban on the Binance website.
The Nigerian government has accused the cryptocurrency trading platform of facilitating money laundering and terrorism financing.
In a statement released on Tuesday, Teng criticized the Nigerian government for detaining Gambaryan without valid grounds, arguing that his employee is being used as leverage in discussions about unresolved issues with Binance.
“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,’” Teng said.
“This statement is far from the truth. There is no need to imprison an innocent employee to address any allegations against Binance.”
Teng highlighted that Binance has successfully resolved issues with governments in various countries, including the U.S., Thailand, Brazil, and India, without resorting to threats or harming employees. He expressed frustration that Nigeria is handling the situation differently.
The Binance CEO also refuted claims made by the Nigerian government that Binance is responsible for the decline of the Naira.
He noted that between 2021 and the end of 2022, the Naira traded within a stable range of USD1:380 to USD1:440, during which Binance offered P2P services as a value-added option for users interested in cryptocurrency.
“The end of the Naira’s currency peg by the Government in June 2023 caused the biggest fall in the Naira’s history,” Teng explained.
“It went from USD1:460 in June 2023 to USD1:900 by the end of 2023. 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 emphasized that Binance ceased offering P2P services in Nigeria in February 2024, and yet the Naira’s decline persisted, pointing out that currency movements are driven by macroeconomic factors, not Binance’s activities.
He also addressed the Nigerian government’s claims that Binance made USD$26 billion in revenue from Nigeria in 2023.
“That is not the case. The $21.6 billion figure is the total transaction volume from 2023,” Teng clarified, explaining that transaction volume does not equate to revenue.
Teng expressed concern for Gambaryan’s deteriorating health, accusing the Nigerian government of neglecting his employee’s medical needs.
“Tigran’s physical and mental conditions have deteriorated rapidly, with his situation becoming more dire than ever.
“He is in severe pain and unable to walk due to a herniated disc. Despite his condition, the Nigerian government has refused adequate medical care, including basic needs such as access to a wheelchair,” Teng stated.
He also revealed that Gambaryan has been denied access to legal counsel ahead of his trial set to begin on September 2, which Teng claims is unconstitutional under Nigerian law.
Teng’s plea for Gambaryan’s release underscores the ongoing tension between Binance and Nigerian authorities, as well as the broader challenges faced by cryptocurrency platforms in navigating regulatory landscapes worldwide.
