'Binance collaborating with Nigeria to resolve official’s detention' - CEO

The CEO of cryptocurrency exchange company, Binance, Richard Teng, has stated on Thursday, April 18, that they are working very closely with Nigerian authorities after the detention of the company’s Head of Financial Crime Compliance.

A Nigerian court has adjourned until May 2, 2024, a case against the executive, Tigran Gambaryan, and another Binance official, who are accused of laundering over $35 million.

The Chief Executive Officer, Richard Teng stated while speaking about Gambaryan's case at a crypto conference in Dubai that, “What I can say is we are working very closely with the Nigerian authorities to try to resolve the matter.”

The other executive; a British-Kenyan, Nadeem Anjarwalla fled Nigeria in May.

The two flew to Nigeria after the country’s decision to ban several cryptocurrency trading websites and were detained shortly after their arrival on February 26 by EFCC.

Also, the Federal Inland Revenue Service (FIRS), has charged Binance and the executives with tax evasion, a case that will be mentioned before a court on Friday, April 19.

“This was a one-off. It’s never happened to us before,” Binance’s Head of Regional Markets, Vishal Sacheendran told Reuters when asked about the detentions.

He refused to talk further about the detention.