Binance Collaborating with Nigerian Authorities to Address Detention of Executives

Binance’s Cooperation with Nigerian Authorities

Binance has been actively engaged in close cooperation with Nigerian authorities following the detention of its head of financial crime compliance, Tigran Gambaryan, and another official, facing accusations of laundering over $35 million.

Legal Proceedings and Response

• The case has been adjourned until May 2 and is being handled by Nigeria’s anti-corruption body.
• Binance CEO Richard Teng addressed the situation during the Token2049 crypto conference in Dubai, stating that they are working closely with Nigerian authorities to resolve the matter.
• Nadeem Anjarwalla, a British-Kenyan executive, fled Nigeria last month.

Charges and Court Cases

• Nigeria’s tax agency has charged Binance and the executives with tax evasion, with a court appearance scheduled.
• Court documents reveal charges of tax evasion, currency speculation, and money laundering against Binance Holdings Limited, Gambaryan, and Anjarwalla.

Recent Developments

• Binance obtained a license from Dubai’s regulator, VARA, allowing the platform to serve retail, qualified, and institutional clients.
• The European Union’s securities watchdog highlighted Binance’s operations and headquarters situation.

Regulatory Response

Binance’s head of regional markets emphasized that the detentions were isolated incidents and declined to comment on the charges against the company itself.