Binance trying to get compliance chief released from Nigerian prison

BINANCE CEO Richard Teng says the exchange is working hard to have its financial crime compliance chief released from a notorious prison in Nigeria.

Tigran Gambaryan was arrested in February by Nigerian authorities and charged with five counts of money laundering.

A second Binance executive - British-Kenyan national Nadeem Anjarwalla - was also arrested, but has since escaped. His current whereabouts are unknown.

Binance has repeatedly said the charges have no merit, and that Mr Gambaryan - currently being held in Abuja's high-security Kuje Correctional Centre - is entirely innocent.

However, Nigeria's Economic and Financial Crimes Commission (EFCC) maintain that Binance is partly responsible for the African nation's financial problems, and has accused Gambaryan and Anjarwalla of laundering more than $35 million.

Speaking after learning Nigerian authorities have adjourned the case against Mr Gambaryan until May 2, Binance CEO Richard Teng today told the Token2049 conference in Dubai that his company was trying to secure a release.

"What I can say is we are working very closely with the Nigerian authorities to try to resolve the matter," he said.

Earlier this month, Mr Gambaryan's wife appealed to have her husband freed.

"I am beyond heartbroken that my innocent husband is being sent to a prison that houses known terrorists and murderers," she said.

"It is beyond unacceptable that this is how they are treating a completely innocent man."

Both executives were arrested as they stepped off the plane in Abuja, Nigeria's capital. They had travelled there to hold meetings about Binance's affairs in Africa.

Later that week, Nigeria's government accused the exchange of speculation and rate fixing, and being directly responsible for the weakening of its economy.

The Nigerian government has since ordered Binance to pay a $10 billion fine as it executes a massive crackdown on cryptocurrencies and crypto platforms.

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