Proposed Secret Crypto Settlement by Nigerian Officials: Binance CEO

In early 2024, it has been revealed that Nigerian officials attempted to force Binance representatives into a secret settlement paid in cryptocurrency. Binance CEO Richard Teng provided a detailed account of Tigran Gambaryan’s ongoing detention on April 7. Gambaryan, who previously worked for the IRS and headed Binance’s financial crime compliance team, was detained while on a business trip to Nigeria. Teng criticized the Nigerian government for its actions, stating that it has set a dangerous precedent for companies worldwide by detaining Binance employees.

According to Teng, Binance employees engaged in discussions with Nigerian authorities following a request from the Chairman of the House Committee on Financial Crimes (HCFC). The committee had raised concerns about Binance’s operations in Nigeria and threatened to issue arrest warrants against the exchange’s team and CEO, as well as prevent them from leaving the country. A public hearing was scheduled for January 10, where Binance was expected to respond to the allegations publicly.

Teng claimed that Binance had not received details of the allegations and requested to submit responses in writing instead of attending the public hearing. The committee chair agreed to consider the request and respond to Binance’s legal counsel.

During this time, unknown individuals approached Binance employees and proposed a cryptocurrency payment to settle the allegations. Binance’s local counsel received the payment demand, which required a significant cryptocurrency payment to be made in secret within 48 hours. The exchange refused the demand and continued its discussions with Nigerian authorities.

Following the incident, Binance set forth several demands as it prepared to resume negotiations with Nigerian officials. Meetings were scheduled for late February, with representatives from various government offices present. Despite assurances of safe passage, Tigran Gambaryan and Nadeem Anjarwalla, the head of Binance Africa, were detained and had their passports and mobile phones confiscated.

The situation further escalated when Nigerian officials demanded actions from Binance, such as delisting the Nigerian currency from their platform and providing detailed user information. In response, Binance has shut down certain services in Nigeria in an attempt to resolve the situation and secure Gambaryan’s release. The Nigerian government has insisted on Binance’s compliance with their demands as a condition for his release.

Aldus Musselwhite

Aldus Musselwhite

17 thoughts on “Proposed Secret Crypto Settlement by Nigerian Officials: Binance CEO

  1. This is outrageous! Nigerian officials should not be forcing settlements paid in cryptocurrency. It’s a clear abuse of power!

  2. This incident should serve as a wake-up call for governments worldwide to respect the rights of businesses and employees. Sending support to Binance in their pursuit of justice!

  3. Stay strong, Binance Africa team! It’s disheartening to hear about the detention and confiscation of passports and mobile phones. Sending positive vibes and hoping for a quick and just resolution!

  4. This is a clear case of harassment and violation of rights. Nigerian officials should face consequences for their unjust actions!

  5. This incident serves as a reminder of the importance of international cooperation and fair treatment of businesses. Binance, stay determined and keep working towards a just resolution! 💙✨

  6. Our support and thoughts are with the Binance team as they navigate this challenging situation. Hoping for a speedy and just resolution! 🌟🙏

  7. The situation faced by Binance is alarming and emphasizes the importance of upholding ethical practices. Let’s hope for a fair resolution that sets a positive example for all companies!

  8. Kudos to Binance for their unwavering commitment to resolving this situation and ensuring the safety and well-being of their employees. Stay strong, Gambaryan!

  9. It’s unfortunate to hear about the demands made by Nigerian officials to Binance, including delisting the Nigerian currency. Binance, I stand with you in your fight for justice and fairness! 🤝🔒

  10. Sending positive vibes to the Binance team as they work towards a resolution. May justice be served, and may Gambaryan and Anjarwalla be released soon! 🌟🕊️

  11. It’s alarming to see how far the Nigerian government is willing to go to force their demands on Binance. This needs to stop now!

  12. Kudos to Binance for standing their ground and refusing to fulfill the anonymous cryptocurrency payment demand . It’s crucial to uphold integrity and good governance.

  13. Richard Teng’s criticism of the Nigerian government is well-founded. This incident highlights the importance of protecting employees and respecting the rule of law. Stay strong, Binance!

  14. Let’s hope that Binance’s demands are met and negotiations with Nigerian officials lead to a fair and just resolution. Our thoughts are with the detained employees.

  15. The detainment of Binance employees is deeply concerning. May this incident be resolved swiftly and fairly, with the employees’ well-being as the top priority.

  16. Let’s hope that Binance’s negotiations with the Nigerian government result in a fair and just resolution. Stay strong, Gambaryan, and the entire Binance team!

  17. Sending positive vibes to Tigran Gambaryan and the Binance team . It’s truly disheartening to see a government detaining employees and confiscating passports. I hope a fair resolution is reached soon!

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