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Binance Nigeria crisis revealed: CEO Richard Teng reveals important progress

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Binance Scandal in Nigeria
ATHENS (CoinChapter.com) – Binance CEO Richard Teng has candidly revealed harrowing details of the arrests of executives Tigran Gambaryan and Nadeem Anjarwalla in Nigeria, who were detained upon arriving in the country despite prior promises of their safety.
Teng described how the duo traveled to Nigeria on February 26 to hold discussions with senior officials. The talks were intended to strengthen Binance’s compliance framework. However, the meeting took an unexpected turn when Gambaryan and Anjarwalla were detained under suspicious circumstances, casting doubt on their supposedly safe passage.
Binance’s official response to Nigeria
Teng strongly refuted the allegations that Binance has facilitated financial misconduct. He highlighted the company’s decision to shut down the Nigerian peer-to-peer platform, saying the move was proactive rather than government-imposed. The move was intended to assure authorities that Binance is committed to compliance and market integrity.
The CEO explained the allegations of money laundering involving $35 million. Teng clarified official misunderstandings about these transactions and stressed that Binance always puts legal and ethical practices first. He emphasized the company's efforts to work with Nigerian authorities to clarify these misunderstandings.
International Response to Binance Scandal in Nigeria
In March 2024, Nigeria’s Economic and Financial Crimes Commission (EFCC) filed serious charges against Binance executives. The charges included facilitating illegal transactions and tax evasion. Binance and the accused executives denied all charges, framing them as a misunderstanding of their business operations.
Further complicating the situation is that the international community has taken notice. Following the arrests, Binance contacted the U.S. Embassy and British officials to seek support for the detained employees. This move underscores the seriousness of the situation and Binance’s determination to protect its employees.
In a strategic shift, Teng pledged to obtain a formal operating license in Nigeria, breaking away from the previous policy of former CEO Zhao Changpeng. In 2022, Binance contacted the Nigerian Securities and Exchange Commission for licensing guidance but received no response. Teng's proactive attitude highlights his commitment to transparency and legal compliance.
The lack of a license has been a significant hurdle for Binance, creating complexity to its operations and leading to its current legal woes. Teng’s leadership appears focused on navigating these regulatory hurdles and establishing a compliant and stable presence in Nigeria.
Next up: Binance’s future in Nigeria
The crypto community is watching closely as Tigran Gambaryan prepares for his May 17 trial, which will coincide with his 40th birthday. The outcome could set a precedent for cryptocurrency businesses operating under strict regulation.
Meanwhile, Nadeem Anjarwalla remains the focus of an Interpol manhunt after escaping detention in March, highlighting the ongoing drama surrounding Binance’s operations.
The situation unfolding in Nigeria has the potential to reshape the cryptocurrency regulatory landscape in Africa’s largest economy. Binance’s predicament offers important lessons on the importance of clear regulations and partnerships between crypto platforms and government authorities.

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