Binance Execs Detained as Nigeria Blames Crypto for Its Currency Crisis: Report

Two Binance employees remain under custody in Nigeria over a spat between the government and the cryptocurrency exchange. The employees will remain under detention until March 20 following a court decision, according to a WSJ report.

American citizen Tigran Gambaryan, who leads Binance’s criminal investigations team, and British-Kenyan citizen Nadeem Anjarwalla, Binance’s regional manager for Africa based in Kenya, have both been stripped of their passports and confined to a government property in Abuja, the Nigerian capital.

The two were detained on February 26 after the country’s government accused Binance, the world’s largest crypto exchange, of crashing its currency, the naira, reports the WSJ.

The Nigerian government had invited the two for meetings with officials and regulators. Neither of the Binance executives has been charged with any crimes nor have they been told why they were being detained. Gambaryan is Binance’s head of financial-crime compliance. Anjarwalla is Binance’s regional manager for Africa.

The two senior executives from cryptocurrency exchange Binance have been detained against their will by Nigerian authorities

Nigeria’s Currency Plummets to Record Lows 

Nigeria’s currency, naira, has further plummeted to 1,607 to $1 on Thursday, reflecting over a 200% loss of value in the last year. Many Nigerians are facing one of the West African nation’s worst economic crises in years triggered by surging inflation, the result of monetary policies that have pushed the currency to an all-time low against the dollar, reports AP. The situation has provoked anger and protests across the country.

Families of Detained Binance Executives Remain Worried

The families of Gambaryan and Anjarwalla have expressed deep concern and frustration over the lack of information and uncertainty surrounding the situation.

Despite visits from a US State Department official and a representative from the UK foreign office, the executives have not been able to communicate privately due to the presence of Nigerian government guards during these meetings.