Binance Chief Executive Officer(CEO), Richard Teng, has urged the Nigerian Government to release one of his employees, Tigran Gambaryan, who has been detained in Nigerian since February.
Gambaryan, along with another Binance executive, Anjarwalla were arrested and detained after they flew into the country following a ban on their website.
The Nigerian government explained that the Binance executives, Gambaryan and Anjarwalla were arrested following allegations of money laundering and terrorism financing on the Binance currency exchange platform.
In a statement on Tuesday by Binance CEO, argued that the government had no valid reason to detain an innocent employee as an opportunity to discuss over outstanding issues with Binance.
He said, “One reason the Nigerian government has cited for continuing to hold Tigran is that ‘Binance is operating virtually. The only thing we have to hold on to is this defendant.’ This statement is far from the truth. There is no need to imprison an innocent employee to address any allegations against Binance.”
“We have resolved issues in countries around the world, including the US, Thailand, and most recently in Brazil and India, in a reasonable, collaborative, and amicable manner with governments. All of this was done without threat or harm inflicted on any of our employees. There is no valid reason to hold an innocent employee to further discussions on outstanding issues.”
Teng also dismissed claims that Binance was responsible for the depreciation of the Nigerian currency .
He said, “Another claim made by the Nigerian government is that Binance was responsible for its currency decline.
Reiterating that the currency’s decline was tied to broader economic factors, particularly the government’s decision to end the Naira’s currency peg in June 2023.
Teng further stated that contrary to the government’s claims, Nigeria was never a significant market for his company.
He said, “It is worth noting that Nigeria has never been a major market for Binance. The government has claimed that we made USD$26bn in revenue from Nigeria in 2023. That is not the case. The $21.6bn figure is the total transaction volume from 2023.”
“To clarify transaction volume: if a person were to take $1,000 and trade it 1,000 times, that would represent $1m in transaction volume. Our actual revenue is based on charging a small percentage transaction fee, and we are proud to offer our users some of the lowest transaction fees of any exchange globally.”
Teng also expressed deep concern over Gambaryan’s deteriorating health, revealing that his employee suffers from a herniated disc and has been denied adequate medical care.
He said, “Tigran’s physical and mental conditions have deteriorated rapidly, with his situation becoming more dire than ever. He is in severe pain and unable to walk due to a herniated disc. Despite his condition, the Nigerian government has refused adequate medical care, including basic needs such as access to a wheelchair. Furthermore, they are refusing to provide access to his legal counsel, despite a trial commencing on 2 September, which we have been informed is unconstitutional in Nigeria.”
