Tag Archives: Nigeria

The Nigerian government has denied the allegations made by Binance’s CEO, Richard Teng, claiming that its officials demanded a $150 million bribe to settle the criminal charges against the crypto exchange. In an official statement released on Wednesday, the Special Assistant to the Minister of Information and National Orientation, Rabiu Ibrahim, dismissed the claims as baseless. A “Diversionary Tactic” Ibrahim stated that the allegations were part of a coordinated effort by...

Binance CEO Richard Teng has advocated for the release of Tigran Gambaryan, head of the crypto exchange’s Financial Crime Compliance team, who has been detained by the Nigerian government for over 70 days. Gambaryan reportedly flew to the country in February for talks on collaborative policy meetings, only to be detained later. This move by the Nigerian authorities has set a dangerous new precedent for all companies worldwide, Teng said in his statement. Arrest of Executives...

Binance executive Tigran Gambaryan remained entangled in a legal battle with Nigeria’s Economic and Financial Crimes Commission (EFCC) with his bail application hearing being postponed yet again. The Federal High Court in Abuja adjourned his case after the EFCC’s lawyer requested more time to respond to new issues Gambaryan’s defense team raised. Gambaryan’s Appeal Adjourned According to a local news report by Nairametrics, the presiding judge, Justice Emeka Nwite, consented...

Binance executive Nadeem Anjarwalla is facing extradition from Kenya following his escape from custody in Nigeria. He was spotted after a manhunt was launched from Nigeria that led the authorities to Kenya, where his whereabouts were discovered. Binance Executive Set to Be Extradited According to a local report, the Nigerian government is working on extraditing Anjarwalla back to Nigeria in collaboration with Interpol and Kenyan authorities. The Binance executive will face...

Tigran Gambaryan, a top executive at Binance, has taken legal action against the Office of the National Security Adviser (NSA) and the Economic and Financial Crimes Commission (EFCC) in Nigeria. According to a Reuters report, Gambaryan, an American citizen, has filed a Fundamental Rights suit alleging wrongful detention by Nigerian authorities. Unjust Detention and Court Orders Gambaryan’s lawyer, T.J. Krukrubo SAN, presented the case before the Federal High Court in Abuja,...

The Nigerian government has slammed the world’s largest cryptocurrency exchange, Binance, with four counts of tax evasion charges as the saga between the entities deepens. According to a report from local media Premium Times, the Federal Inland Revenue Service (FIRS) filed the charges at a Federal High Court in the nation’s capital, Abuja, on March 22, the same day Nadeem Anjarwalla, one of the Binance executives detained since February, escaped from the custody of the...

CoinspeakerBinance Top Exec Flees Detention in Nigeria Anjarwalla, Binance’s Africa regional manager, alongside the financial crime compliance officer Tigran Gambaryan, was arrested and detained on February 26, 2024. Binance Top Exec Flees Detention in Nigeria

Nigerian authorities are urging Binance to provide details about its most prominent 100 users within the nation amidst a continued clampdown on the platform. The request is a focal point in discussions between Binance and Nigeria, with the government perceiving the exchange as a key obstacle hindering its attempts to strengthen the national currency, the naira. Nigeria Demands Binance’s Transaction Records In addition to seeking information on some Binance users, Nigerian...

Binance has announced its plans to halt its services involving the Nigerian Naira (NGN) due to heightened regulatory attention from authorities in Nigeria. The crypto exchange said that it will remove all current NGN pairs by Thursday, and any remaining NGN balances will be transformed into USDT by Friday. According to the official blog post, Binance will halt NGN withdrawals starting from March 8, following which, any remaining NGN balances in users’ Binance accounts will be...

In a recent press release addressing its Nigerian customers, major crypto exchange Binance distanced itself from the rumored currency speculation that is putting downward pressure on the already weak naira. The development comes amid reports of the cryptocurrency exchange earlier placing a cap on USDT sales on its peer-to-peer (P2P) marketplace. Binance Reportedly Under Scrutiny in Nigeria Binance traders in Nigeria on Tuesday, Feb. 20, complained that they were unable to buy...