Binance, a troubled global cryptocurrency exchange, is currently facing additional challenges in Nigeria as one of its executives, Tigran Gambaryan, is being detained in the country. According to The Wall Street Journal, Nigeria has imposed more charges against Binance, despite the exchange’s efforts to engage in dialogue with local regulators.
The issues between Binance and Nigerian authorities began when the crypto exchange was accused of contributing to the devaluation of the Nigerian naira, the country’s fiat currency, in February 2024. In response to these allegations, Bayo Onanuga, the presidential adviser on information and strategy, suggested that platforms like Binance should be banned in Nigeria.
In an attempt to resolve the situation, Binance sent two senior executives, Gambaryan and Nadeem Anjarwalla, to Nigeria to engage in discussions with local authorities. However, both executives were detained, even after Binance took immediate action by delisting all naira transactions and suspending peer-to-peer naira transactions in February.
In a recent statement, Binance urged Nigerian authorities to release Gambaryan, highlighting his role as an executive with decision-making power in the company. The exchange argued that he should not be held responsible while negotiations are ongoing between Binance and Nigerian government officials.
While Gambaryan remains in custody in Nigeria, Anjarwalla, another executive implicated in the case, reportedly managed to escape the country using a fake passport in March. Local reports suggest that Anjarwalla fled detention on March 22 after being taken to a nearby mosque for prayers.
This is an ongoing situation, and further updates will be provided as more information becomes available.