Binance CEO Assures Cooperation with Nigerian Authorities After Executive’s Detention

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DUBAI, April 18  – The CEO of Binance, a major cryptocurrency exchange, stated on Thursday that the company is actively collaborating with Nigerian authorities in response to the detention of its head of financial crime compliance.

Tigran Gambaryan and another Binance official are facing accusations of laundering over $35 million, according to Nigeria’s anti-corruption agency, which adjourned the case until May 2.

Speaking at the Token2049 crypto conference in Dubai, CEO Richard Teng affirmed, “What I can say is we are working very closely with the Nigerian authorities to try to resolve the matter.”

The second executive, Nadeem Anjarwalla, a British-Kenyan regional manager for Africa, departed Nigeria last month after the cryptocurrency trading ban.

Both executives were detained upon arrival in Nigeria on Feb. 26 by the Economic and Financial Crimes Commission (EFCC).

In addition to the EFCC’s case, Nigeria’s tax agency has charged Binance and the executives with tax evasion, with a court appearance scheduled for Friday.

“This was a unique incident. It’s never happened to us before,” remarked Binance’s head of regional markets Vishal Sacheendran during the Dubai conference, declining to comment further on the charges against the company.

Binance also announced on Thursday that it had obtained a license from Dubai’s regulator VARA, allowing the platform, the world’s largest cryptocurrency exchange, to target retail clients alongside qualified and institutional ones.

Responding to reports about the license, Binance’s CEO dismissed speculation, stating, “That’s pure speculation. Again, we don’t comment on media speculation… Our relationship, our dealings with regulators are confidential.”

Regarding Binance’s global headquarters, Teng disclosed that the company has identified potential locations but refrained from discussing specific places or a timeline for a definitive decision.


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Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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