Binance, a troubled global cryptocurrency exchange, is facing additional challenges in Nigeria as its executive Tigran Gambaryan, who is based in the United States, remains detained in the country. Despite Binance’s attempts to establish a dialogue with local regulators, Nigeria has introduced more charges against the exchange, according to a report by The Wall Street Journal on April 3.
In February 2024, Binance was accused by local regulators of contributing to the crash of Nigeria’s fiat currency, the Nigerian naira. Since then, the exchange has been actively collaborating with authorities in Nigeria. However, Bayo Onanuga, the presidential adviser on information and strategy, proposed banning platforms like Binance in the country.
In an effort to address the potential ban, two senior Binance executives, Gambaryan and Nadeem Anjarwalla, traveled to Nigeria to engage in discussions with local authorities. Despite Binance’s urgent actions to delist all naira transactions and halt peer-to-peer naira transactions in February, both executives were detained.
The Wall Street Journal’s report on the new charges against Binance comes as the exchange releases a statement appealing to Nigerian authorities to release Gambaryan. Binance argues that Gambaryan, as an executive with decision-making power, should not be held accountable while discussions between Binance and Nigerian government officials are ongoing.
While Gambaryan remains detained in Nigeria, Anjarwalla, another Binance executive facing charges, reportedly managed to escape the country in March using a fake passport. Local reports suggest that Anjarwalla fled detention on March 22 after being taken to a nearby mosque for prayers.
This is an unfolding story, and additional information will be provided as it becomes available.