Binance Executives Detained In Nigeria Amidst $27bn Legal Battle

Binance Executives Detained in Nigeria Amidst $26bn  Legal Battle

By Chinyere Chikere

Binance executives Tigran Gambaryan and Nadeem Anjarwalla are currently caught up in a complex legal dispute with Nigerian authorities, which has led to their reported detention over the past two weeks. The core issue revolves around approximately $26 billion of untraceable funds that allegedly passed through Binance within Nigeria, causing friction between the cryptocurrency exchange and the Nigerian government.

Initially invited by the Nigerian government to discuss this contentious matter, Gambaryan and Anjarwalla flew to Abuja on February 25. However, upon their arrival, things took an unexpected turn. According to reports from their families, after an initial meeting with government officials, the executives were asked to pack their belongings and were then moved to a “guesthouse” under the supervision of Nigeria’s National Security Agency.

The detentions, initially reported by The Wall Street Journal and Wired, have shed light on the escalating conflict between Binance and Nigeria. The Nigerian government reportedly demands $10 billion in penalties from Binance, holding the exchange responsible for allegedly facilitating the flow of untraceable funds within the country. In the midst of these legal hurdles, Gambaryan and Anjarwalla, representing Binance’s interests, find themselves in a precarious situation.

Gambaryan, who serves as Binance’s head of financial crime compliance and is a U.S. citizen, brings a law enforcement background, having previously worked as a special agent with the U.S. Internal Revenue Service Criminal Investigation (IRS-CI) Cyber Crimes Unit. Anjarwalla, on the other hand, holds dual citizenship of the U.K. and Kenya and serves as Binance’s regional manager for Africa based in Kenya. Despite their professional credentials and diplomatic efforts from U.S. and U.K. government officials, the executives remain in custody under the supervision of Nigerian authorities.

In response to these developments, Binance has issued a statement expressing its commitment to cooperate with Nigerian authorities to ensure the safe return of Gambaryan and Anjarwalla to their families. Emphasizing the executives’ professionalism and integrity, Binance has reiterated its support for them and expressed confidence in a prompt resolution to the situation. Meanwhile, the office of Nigerian President Bola Ahmed Tinubu has yet to provide an official response to inquiries regarding the matter, leaving the fate of the detained executives uncertain amidst a backdrop of legal and diplomatic complexities.