Executive detained in Nigeria for two weeks, Binance spokesperson: actively providing all necessary assistance

Nigeria had previously accused Binance of manipulating the fiat currency market, causing the Naira (NGN) to depreciate by 70%, and demanded $10 billion in compensation from Binance. Subsequently, Binance announced its withdrawal from Nigerian fiat services. However, it is now reported that two senior executives of Binance had already traveled to Nigeria for negotiations with the authorities by the end of February and have been detained since then.

Binance announced its withdrawal from Nigerian fiat services, automatically converting to USDT on 3/8

Binance Executives Detained in Nigeria for Two Weeks

According to reports from The Wall Street Journal and WIRED, following suspicions of currency manipulation, the Nigerian government has further invited top executives from Binance for discussions. However, two Binance executives were detained for nearly two weeks after arriving in the Nigerian capital, Abuja, on February 25.

Family members of Tigran Gambaryan and Nadeem Anjarwalla, executives at Binance, revealed that after a meeting with government officials, they were told to pack their bags and move to a hotel under the control of the National Security Agency.

Tigran Gambaryan is the head of the financial crime compliance department at Binance and a former special agent with the criminal investigation division of the U.S. Internal Revenue Service.

Nigeria Demands $10 Billion Compensation from Binance: Alleges Binance Caused 70% Devaluation of National Currency

Binance Spokesperson: Providing All Possible Assistance

A Binance spokesperson told CoinDesk:

While it is not convenient to comment on the veracity of these allegations at the moment, we are indeed cooperating with Nigerian authorities to ensure Gambaryan and Anjarwalla can safely return home to reunite with their families. They are the most upright professionals, and we will provide all the help we can. We believe this matter will be resolved swiftly.

The office of the Nigerian president did not respond to CoinDesk's request for comment.

These executives appear to have been detained due to allegations made by Nigeria against cryptocurrency exchanges. In recent weeks, reports have indicated that the African country has demanded Binance pay a $10 billion fine for allowing around $260 billion of untraceable funds to flow through the country.