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The CEO of Binance Richard Teng, the world’s largest cryptocurrency exchange, has voiced strong criticism against Nigeria’s recent clampdown on executives of cryptocurrencies. He said that it set a wrong precedent which will adversely growth of the sector
The CEO of Binance Richard Teng, the world’s largest cryptocurrency exchange, has voiced strong criticism against Nigeria’s recent clampdown on executives of cryptocurrencies. He said that it set a wrong precedent which will adversely growth of the sector.
Richard Teng condemned Nigeria’s detention of two of its executives- Tigran Gambaryan and Nadeem Anjarwalla. They face separate trials on charges of tax evasion and money laundering. Binance is challenging these allegations.
Gambaryan, a U.S. citizen and head of financial crime compliance at Binance, was held in Nigeria for over two months, while Anjarwalla, a British-Kenyan regional manager for Africa, fled the country in March.
Teng revealed that Binance executives initially engaged in discussions with Nigerian authorities in January, followed by a subsequent meeting on February 26. During this meeting, Nigerian authorities labeled the issues concerning Binance as matters of national security. They demanded the delisting of the naira currency from Binance’s platform and requested detailed information on all Nigerian users.
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Binance halted all transactions and trading in naira in early March in response to the situation, with the hope that their colleagues would be released and dialogue with the Nigerian government could continue.
