Nigerian authorities have detained two Binance executives, including a U.S. citizen, since February 26th, raising concerns about the cryptocurrency exchange’s operations in the country.
The detained individuals are Tigran Gambrayan, who leads Binance’s criminal investigations team, and Nadeem Anjarwalla, the company’s Kenya-based regional manager for Africa. The reason for their detention remains unclear, but it appears linked to the Nigerian government’s recent efforts to curb alleged crypto-driven speculation in the foreign exchange (forex) market.
The Central Bank of Nigeria (CBN) has blamed cryptocurrency speculation for the recent volatility in the naira’s value. CBN Governor Olayemi Cardoso further alleged that a suspicious amount of money, estimated at $26 billion, transited through Binance.
In response to these accusations, the Nigerian government reportedly took several actions which include the detention of the forex company’s executives, Gambrayan and Anjarwalla, reportedly arrested upon arrival in the capital city, Abuja, with their passports confiscated.
Meanwhile there have been reports suggesting the government sought user data from Binance. Binance responded by suspending all trading activities involving the Nigerian naira. The situation however remains shrouded in uncertainty. Details concerning potential charges or a formal trial for the detained executives haven’t been made public. Binance has also maintained a largely silent stance on the matter, with the only response being the suspension of naira trading.
Tigran Gambrayan’s wife has expressed deep concern about her husband’s well-being and the lack of information regarding his situation.
Philips Babatunde