Richard Teng, CEO of the cryptocurrency exchange Binance, posted on Tuesday (7) stating that the Nigerian government has illegally detained Binance employee Tigran Gambaryan for over 70 days and has received demands for payment of a large amount of cryptocurrency. However, according to informed sources, it is suspected that Nigerian officials have bribed Binance with $150 million in cryptocurrency to resolve the dispute with the country.
Two Binance executives accused of money laundering and tax evasion
According to previous reports, the Nigerian government banned Binance, Coinbase, and other exchanges in February, accusing Binance of “manipulating exchange rates” resulting in a 70% depreciation of the Nigerian currency, the Naira. In addition, the Economic and Financial Crimes Commission (EFCC) of Nigeria has charged two Binance executives who went to the country for negotiations with money laundering and tax evasion and detained them.
On the other hand, one of the detained Binance executives, Nadeem Anjarwalla, the regional manager of Binance Africa, escaped from Nigeria on March 22, while Tigran Gambaryan, the head of Binance’s Financial Crime Compliance Department, will undergo trial on May 17.
However, Richard Teng stated that Binance had initially emphasized to the Nigerian government that Tigran Gambaryan is not a decision-maker or negotiator for the company; he only serves as an expert in financial crime and policy discussions. Therefore, Richard Teng is very puzzled by the Nigerian accusations and the detention of Tigran Gambaryan.
Demand for bribes up to $150 million
According to The New York Times, Tigran Gambaryan, a former US law enforcement officer and current head of Binance’s Financial Crime Compliance Department, received a message when he traveled to Nigeria in January, requesting Binance to pay $150 million in cryptocurrency within 48 hours to resolve the accusations. Tigran Gambaryan interpreted this message as a bribe request from a Nigerian official.
Related reports:
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Nigeria demands Binance to provide personal information and transaction records of the top 100 users! Negotiations with Binance stuck in a stalemate.