Nigeria Holds Binance Executives Amid Currency Crisis Linked to Crypto: Report

Binance Employees Detained in Nigeria

Two Binance employees are currently under custody in Nigeria due to a dispute between the government and the cryptocurrency exchange. They are expected to remain detained until March 20 following a recent court decision.

Details of the Detention

American citizen Tigran Gambaryan, who leads Binance’s criminal investigations team, and British-Kenyan citizen Nadeem Anjarwalla, Binance’s regional manager for Africa, have had their passports confiscated and are currently confined to a government property in Abuja, the Nigerian capital.

Accusations and Lack of Clarity

The employees were detained on February 26 after the Nigerian government accused Binance of negatively impacting the country’s currency, the naira. Despite being invited for meetings with officials and regulators, neither executive has been formally charged with any crimes or provided reasons for their detention.

Nigeria’s Economic Situation

The Nigerian naira has experienced a significant decline, reaching a record low of 1,607 to $1 on Thursday. This drastic devaluation, over 200% in the past year, has exacerbated the country’s economic crisis, leading to widespread protests and discontent among the population.

Concerns of the Families

The families of Gambaryan and Anjarwalla are deeply worried about the situation and frustrated by the lack of information. Despite visits from US and UK officials, the executives have been unable to communicate privately due to the presence of Nigerian government guards during these interactions.