Binance CEO Richard Teng has said that Nigerian officials proposed a secret settlement paid in cryptocurrency in 2024. Indeed, Teng has released a detailed statement on Tigran Gambaryan, the Binance financial crime compliance team head who is currently detained in the country.
In that statement, Teng expounds on the relations between Nigeria and Binance. Moreover, he explores the circumstances surrounding the detention of Binance executives that took place in February of this year. Teng expresses the “dangerous precedent” of Nigeria’s actions.
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Binance CEO Speaks Out on Nigeria’s Detention of Executives
The last several months have been tumultuous, to say the least, for the Binance cryptocurrency exchange. In late 2023, the exchange was served with a multi-billion dollar fine from the US Department of Justice (DOJ). That development resulted in longtime CEO and co-founder Changpeng Zhao resigning from his position at the company.
Now, the exchange is firmly embroiled in another ongoing issue regarding the arrest of several executives. Subsequently, Binance CEO Richard Teng has recently spoken out about the issue, bringing to light allegations that Nigerian officials sought a secret settlement in cryptocurrency.
Specifically, Teng states that the exchange was approached about “a significant payment in cryptocurrency” that was to be paid within 48 hours. Moreover, this led the exchange to be “increasingly concerned about their safety” after declining the payment.
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In Teng’s account of the situation, he noted the concerning actions of Nigeria. He highlighted the circumstances of the employee’s arrest and the false pretenses under which it took place. Subsequently, he identified how this could set a “dangerous precedent for all companies worldwide.”
“I also feel that it is time to speak out about this issue on behalf of this global business community,” Teng stated. “To invite a company’s mid-level employees for collaborative policy meetings, only to detain them, has set a dangerous precedent,” he added.
The situation is ongoing, with Binance executives still detained in the country. Within the statement, Teng outlined the dialogue between Binance and Nigeria. Specifically, he highlighted efforts for constructive engagement with authorities, regulatory bodies, and law enforcement.