Following Binance‘s recent announcement to cease operations in Nigeria, reports have emerged of two senior executives from the cryptocurrency exchange still being detained in Abuja, Nigeria’s capital. Tigran Gambaryan, the head of Binance’s criminal investigations team, and Nadeem Anjarwalla, a regional manager for Africa based in Kenya, have reportedly been without their passports and held at a government facility since February 26, 2024.
The Situation Unfolds
According to a report by Wired on March 12, the families of Gambaryan and Anjarwalla have disclosed that Nigerian authorities have yet to inform them of any criminal charges against the two. The uncertainty surrounding their condition and future has left their families anxious for answers. Yuki Gambaryan, Tigran’s wife, expressed her distress over the lack of clarity regarding her husband’s situation.
Binance has acknowledged the detention of both executives in Nigeria as of March 12, emphasizing ongoing collaborative efforts with Nigerian authorities to secure their safe return. The exchange highlighted the professionalism and integrity of Gambaryan and Anjarwalla, expressing confidence in a swift resolution.
Background of the Detentions
The detentions were first hinted at in late February, with Gambaryan and Anjarwalla’s identities later confirmed. The executives had traveled to Nigeria at the government’s invitation to discuss a dispute over Binance’s operations in the country. Nigerian officials have accused cryptocurrency exchanges of contributing to the devaluation of the national currency, the naira, and facilitating illicit fund flows.
However, discussions with Nigerian officials took an unexpected turn when Gambaryan and Anjarwalla were escorted from their hotel to a “guesthouse” run by Nigeria’s National Security Agency, where their passports were seized. They have since been held at the location, with their families alleging they are being detained against their will.
International Response
The situation has garnered international attention, with Gambaryan receiving a visit from a U.S. State Department official and Anjarwalla from a representative of the U.K. Foreign Office. Despite these visits, the presence of Nigerian government guards has prevented private communication, further complicating the matter.
Binance’s Exit from Nigeria
The detention of the Binance executives occurred just days before Binance officially announced its exit from the Nigerian market on March 5. The company’s departure plan included suspending naira withdrawals on March 8 and removing all trading pairs involving the naira on March 7, following the earlier disablement of peer-to-peer trading with the naira.
The ongoing detention of Binance executives in Nigeria raises significant concerns about the challenges faced by cryptocurrency exchanges operating in regulatory complex environments. As Binance navigates its withdrawal from Nigeria, the international crypto community watches closely, hoping for a resolution that ensures the safety and rights of its team members. The case underscores the intricate balance between innovation, regulation, and international diplomacy in the evolving landscape of global cryptocurrency markets.
