Binance CEO Demands Immediate Release of Detained Employee in Nigeria

Richard Teng, the CEO of Binance, a global cryptocurrency trading platform, has called for the immediate release of one of his employees, Tigran Gambaryan, who is currently being held in Nigeria. Gambaryan, along with another executive, Anjarwalla, was arrested in February after arriving in Nigeria following the government’s ban on the Binance website.

The Nigerian government has accused the Binance platform of facilitating money laundering and terrorism financing activities, leading to the arrest and detention of the two executives. However, Teng strongly disputes these allegations, stating that there is no justification for holding an innocent employee to further discussions on any outstanding issues with the company.

In a statement released on Tuesday, Teng criticized the Nigerian government’s rationale for detaining Gambaryan. “One reason the Nigerian government has cited for continuing to hold Tigran is that ‘Binance is operating virtually. The only thing we have to hold on to is this defendant.’ This statement is far from the truth. There is no need to imprison an innocent employee to address any allegations against Binance,” Teng said.

Teng emphasized that Binance has successfully resolved similar issues in other countries through reasonable and collaborative discussions with governments, without resorting to harm or threats against its employees. “We have resolved issues in countries around the world, including the US, Thailand, and most recently in Brazil and India, in a reasonable, collaborative, and amicable manner with governments. There is no valid reason to hold an innocent employee to further discussions on outstanding issues,” he added.

The Binance CEO also rejected claims that the company was responsible for Nigeria’s currency decline, pointing to broader macroeconomic factors as the true cause. “Another claim made by the Nigerian government is that Binance was responsible for its currency decline. To anyone paying attention, this is not supported by facts,” Teng said. He explained that the Naira’s significant drop in value occurred after the Nigerian government ended the currency’s peg in June 2023, not due to Binance’s operations.

Teng further clarified that Nigeria has never been a major market for Binance, contrary to the government’s claims of significant revenue generation from the country. He explained that the $21.6 billion figure cited by the government was the total transaction volume from 2023, not actual revenue. “To clarify transaction volume: if a person were to take $1,000 and trade it 1,000 times, that would represent $1m in transaction volume. Our actual revenue is based on charging a small percentage transaction fee, and we are proud to offer our users some of the lowest transaction fees of any exchange globally,” he said.

In addition to these issues, Teng expressed deep concern over the deteriorating health of Gambaryan, who is reportedly suffering from a herniated disc that has left him in severe pain and unable to walk. Teng accused the Nigerian government of refusing to provide necessary medical care, including basic needs such as access to a wheelchair. He also highlighted the denial of legal counsel access to Gambaryan, despite an upcoming trial scheduled to commence on September 2, which Teng described as unconstitutional.

“Tigran’s physical and mental conditions have deteriorated rapidly, with his situation becoming more dire than ever. Despite his condition, the Nigerian government has refused adequate medical care, including basic needs such as access to a wheelchair. Furthermore, they are refusing to provide access to his legal counsel,” Teng said.