In early 2024, new revelations emerged suggesting that Nigerian officials attempted to coerce representatives from Binance into a clandestine settlement paid in cryptocurrency during a meeting. Binance CEO Richard Teng disclosed details on May 7 concerning the ongoing detention of Tigran Gambaryan, who leads Binance's financial crimes compliance team and is a former IRS agent.
Expressing strong condemnation, Teng criticized the actions of the Nigerian government, labeling them as setting a perilous precedent for global companies. Gambaryan's detention occurred while he was on a business trip to Nigeria, further exacerbating the situation. Teng highlighted Binance's efforts to engage constructively with Nigerian authorities, including participating in regulatory dialogues and cooperating with law enforcement agencies.
The unfolding situation involved discussions between Binance employees and Nigerian authorities during a public investigative hearing at the request of the chairman of the House Financial Crimes Committee (HCFC). The committee raised concerns about Binance's operations in Nigeria and signaled their intent to issue subpoenas, including arrest warrants for Binance's team and CEO, and prevent their departure from the country.
Scheduled for January 10, a public hearing is expected where Binance will publicly address any allegations in the presence of petitioners, media representatives, and over 30 institutions. Despite Binance's request for a written response without a public hearing, the committee has yet to respond, indicating they will consider Binance's request and reply through legal channels.
Furthermore, Binance's CEO revealed that individuals approached the exchange's employees and proposed a payment to resolve the accusations. Despite rejecting the demand for payment, Binance continues to engage in settlement discussions. As the situation evolves, Binance remains committed to seeking resolution through dialogue with Nigerian authorities, with subsequent meetings planned with various governmental agencies.
