In a detailed report by Premium Times, the detention of two Binance executives, Tigran Gambaryan, an American and the head of financial crime compliance, and Nadeem Anjarwalla, a UK and Kenyan national and Binance’s regional manager for Africa, has sparked discussions amid Nigeria’s intensified crackdown on the crypto platform. This incident occurred months after Binance agreed to a $4.3 billion settlement with the US Department of Justice to resolve money laundering charges.
The Nigerian government’s detention of Gambaryan and Anjarwalla in Abuja followed their attempt to negotiate amidst a regulatory crackdown on cryptocurrency operations. Their negotiations with Nigerian authorities hit a deadlock, leading to their detention under accusations of operating unregistered business ventures worth billions. Despite a brief and seemingly progressive meeting with officials from Nigeria’s central bank and other regulatory bodies, the two were taken from their hotel to a guarded house without clear reasons provided to them or their families.
Speaking to Premium Times, the families of the detained executives expressed hope for a swift resolution and highlighted the personal toll of the situation. The men, under guard supervision, have limited use of their phones and have embarked on fasting for Ramadan as a sign of solidarity and resilience. The ordeal has left their families anxious and in the dark about the specific reasons behind the probe and detention.
This case underscores the broader regulatory scrutiny Binance faces globally, including a recent significant settlement in the US. Binance‘s co-founder and former CEO, Changpeng Zhao (CZ), also faced legal consequences, agreeing to step down and awaiting sentencing scheduled for April 30. The situation in Nigeria reflects ongoing tensions between cryptocurrency platforms and regulatory bodies worldwide, raising questions about the future of digital currency operations in regulated financial environments.