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Binance CEO Accuses Nigerian Government of Mistreatment and Abuse of Power

Binance CEO Accuses Nigerian Government of Mistreatment and Abuse of Power

Mar 16, 2022

In a recent development, Richard Teng, CEO of Binance, has spoken out against what he perceives as mistreatment of his company’s officials by the Nigerian government. The situation escalated after Nigerian authorities detained two Binance executives on allegations of utilizing Binance assets to undermine the Nigerian currency and economy.

The executives in question, Tigran Gambaryan and Nadeem Anjarwalla, have been held for weeks, purportedly as representatives of the company, and are facing accountability for potential illegal actions attributed to Binance. Teng asserts that the Nigerian government has mistreated these executives and abused its authority in the process. He is now seeking to draw attention to the actions of the Nigerian government, portraying them as unjust.

Teng has recently provided a detailed timeline of Binance’s interactions with Nigeria, aiming to present what he terms “the facts” of the matter. He highlights the prolonged detention of Gambaryan, whom he describes as a friend, for over two months, and emphasizes the company’s efforts to secure his release.

The legal issues between Binance and the Nigerian government trace back to 2022 when the government introduced new regulations for crypto exchanges operating in the country. Teng claims that despite attempts to seek guidance on compliance with these regulations, Binance received no assistance from the government. He alleges that the regulations are designed to stifle the crypto industry rather than legitimize it.

Moreover, there are allegations that Nigerian government officials attempted to bribe Binance executives to drop the charges, although these claims have been denied by the Nigerian government. As of now, Gambaryan and Anjarwalla remain in detention with no indication of when they might be released, leaving the situation unresolved and tensions between Binance and the Nigerian government heightened.

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