As an experienced financial analyst, I strongly believe that the arrests of Tigran Gambaryan and Nadeem Anjarwalla, key executives from Binance, in Nigeria sets a dangerous precedent for businesses worldwide. The Nigerian authorities’ actions against these individuals, despite their assurances of safe passage and collaborative discussions, could potentially lead to increased uncertainty and mistrust between governments and companies operating in the digital asset space.
The CEO of Binance, Richard Teng, has urged for the freedom of Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, who has been held in Nigerian custody for more than two months.
According to reports, Gambaryan traveled to Nigeria in February for negotiations about joint political conferences. However, he was subsequently detained by Nigerian authorities. This action from the Nigerian government raises concerns and sets a troubling new standard for international businesses everywhere, as Teng expressed in his statement.
Arrest of Executives Sets Dangerous Precedent
As a researcher studying recent developments at Binance, I’ve come across the latest blog post from the CEO where he clarified Gambaryan’s role during his visit to Nigeria. Contrary to any speculation, Gambaryan was not there to make decisions or negotiate. Instead, he went as an expert in financial crime to contribute to policy discussions and enhance capacity building. However, despite Nigerian authorities’ promises of safe passage for their meetings, arrests were unexpectedly made.
Besides Gambaryan, the African branch head of the exchange, Nadeem Anjarwalla was among those apprehended in February. This occurred prior to a scheduled gathering where the SEC CEO, the deputy governor of the central bank, and the national security adviser were anticipated attendees, according to Teng’s reports.
“Allow Tigran to return home to his family first, following which Binance will proceed with the same collaborative approach we’ve taken over 600 times in the past with law enforcement agencies worldwide. Our priority is to safeguard innocent users, while unwelcome malicious actors are not tolerated on our platform. We remain committed to working closely with both public and private entities to root them out.”
Binance confirmed its intention to collaborate with the Nigerian Federal Inland Revenue Service (FIRS) for addressing any potential historical tax obligations.
How Did The Arrests Unfold?
In 2022, I, as Binance, actively engaged with Nigeria’s Securities and Exchange Commission (SEC) by reaching out to them multiple times to seek clarification on regulatory guidelines and expressing our eagerness to collaborate closely with local authorities for consultative purposes.
The next year saw the Securities and Exchange Commission (SEC) taking action against a specific entity called “Binance Nigeria Limited.” This entity was distinct from Binance, the well-known cryptocurrency exchange. Surprisingly, Binance chose to halt all solicitation efforts in Nigeria as a response. Although Binance had tried multiple times to collaborate with the SEC, they did not receive any communication back from the regulatory body.
As a crypto investor following Binance’s activities closely, I can tell you that Binance representatives, led by Gambaryan, journeyed to Nigeria for a postponed public hearing on the 10th of January. In preparatory sessions prior to the formal hearing, they engaged with the Nigerian Financial Intelligence Unit (NFIU) and the House Committee on Financial Crimes (HCFC). These interactions aimed to address concerns and allegations raised against Binance.
As a researcher looking into this matter, I can share that Binance had not yet been presented with these accusations and their proposed written replies declined a proposed settlement without clearly defined terms, the absence of a public hearing, and considerations for employee safety.
During a recent public hearing, Gambaryan and Anjarwalla were taken into custody and faced accusations relating to Nigeria’s economic problems and terrorism financing. Following this, their passports were confiscated, leading to their transfer to a heavily secured facility. Despite Binance’s agreement to remove the naira from its platform as a condition for their release, Gambaryan remains detained at present.
The Binance CEO implied that the Nigerian government’s behavior raises suspicions of a plot to manipulate Binance through Gambaryan’s arrest, despite Binance halting Nigerian naira trading and P2P transactions, along with persistent efforts to communicate with the authorities.
Anjarwalla was freed on the 23rd of March, while Gambaryan is still being held in custody. They both initiated a legal action against the NSA and EFCC, alleging infringement upon their fundamental human rights.
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2024-05-09 01:12