Cryptocurrency Executives Detained by Nigerian Authorities

Two senior executives from cryptocurrency exchange Binance have been held against their will by Nigerian authorities for the past two weeks, with their passports confiscated and confinement to government property in Abuja, the capital city.

Tigran Gambaryan, who heads Binance’s criminal investigations team, and Nadeem Anjarwalla, Binance’s regional manager for Africa based in Kenya, found themselves in this situation after arriving in Abuja on February 26 to address the ongoing dispute between Binance and the Nigerian government.

The government’s decision to block access to Binance and other cryptocurrency exchanges due to concerns about the devaluation of the national currency, the naira, and the alleged facilitation of illicit fund flows prompted the executives’ detention. Following their initial meeting, they were taken to their hotels but later relocated to a government-run guesthouse by Nigeria’s National Security Agency.

The families of Gambaryan and Anjarwalla are deeply worried about their well-being and the lack of clarity surrounding the situation. Despite visits from US and UK government officials, the executives have been unable to communicate privately due to Nigerian government guards’ presence during these meetings. Although Anjarwalla was briefly hospitalized, likely due to malaria, both executives have since returned to the government property where they are being held.

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When approached for comment, Binance declined to provide details regarding the accusations or demands made by the Nigerian government. However, a spokesperson emphasized the company’s collaboration with Nigerian authorities to secure the executives’ safe return and expressed hope for a swift resolution.

The detention of Gambaryan and Anjarwalla is notable given Gambaryan’s background as a former US federal agent specializing in cryptocurrency-related investigations. His recruitment by Binance aimed to enhance compliance with regulations and foster closer cooperation with law enforcement.

In light of regulatory scrutiny, Binance recently halted all services involving the Nigerian local fiat currency, the naira, and announced the suspension of NGN withdrawals after March 8. Moreover, the Nigerian government imposed a substantial $10 billion fine on Binance as part of its efforts to regulate the platform and stabilize the nation’s local currency.