Binance asserts support for detained compliance chief amid Nigerian legal turmoil


  • Binance’s compliance chief, Tigran Gambaryan, is detained in Nigeria amid accusations of currency rate tampering and tax evasion.
  • Binance supports Gambaryan, saying he lacks decision-making power and should not be held responsible.
  • Despite legal proceedings and a human rights lawsuit, Gambaryan faces arraignment over tax evasion charges. 

The billions of dollars worth of possible cryptocurrency exchange giant Binance‘s BNB against the allegations of involvement in the detention of its Head of Financial Crime Compliance (FCC), Tigran Gambaryan, ongoing in Nigeria, turned neither right nor left. 

The ICPC has begun announcing charges against Gambaryan and Nadeem Anjarwalla, the Binance Regional Manager for Africa, who were detained by the Nigerian authorities in February. Anjarwalla, on the other hand, supposedly escaped the country on the 25th of March. Gambaryan, in the meantime, is locked up.

Allegations and Binance’s response

Gambaryan’s and Anjarwalla’s detention was directly related to the allegations proposing to put the national currency’s exchange rate of Nigerian as the naira on the top list and the crimes connected with tax evasion. On the same day, Binance dismissed Gambaryan’s responsibility for financial choices, and he had no decision-making power in the company.

A Binance official tried to request that the Nigerian authorities not declare Gambaryan responsible during ongoing discussions between the exchange and Nigerian government officials. The talk itself was a special highlight for Gambaryan, serving as a platform for his professional history, emphasizing his role as a collaborator with the Nigerian authorities at various moments before his arrest.

Binance referred to the Man as Gambaryan and his FCC team as having worked with the government of Nigeria more than 600 times on providing information requests. Through such collaborations, investigators can get the desired information and help solve numerous cases such as fraud, money laundering, blackmail, kidnapping, and extortion. Among other things, Binance acknowledged the team’s performance, especially the training given to Nigerian judicial officers, which touched on the details of digital assets’ mechanisms.

Legal proceedings and human rights violation lawsuit

As expected, the case against the NGO continues at the Eastern High Court, with another suit filed at the Federal High Court in Abuja involving a human rights violation. However, local media outlets have reported that the duo was summoned for arraignment on April 4 over tax evasion charges.

As the successive steps of the legal drama unfold, Binance demonstrates persistence in working out all the matters with Nigerian authorities through dialogue. In the dialogue, the envoy focused on the support and readiness to calendar all the country’s fears of the government.

The detention of Tigran Gambaryan, the compliance chief in Nigeria for Binance, has been pushing controversies and allegations of meddling with currency exchange rates and tax evasion. Binance, by objecting to possible lies from media outlets about his role as Gambaryan and emphasizing the hold of having no decision-making power in the company, has expressed willingness to respond fairly to the ongoing talks between the Nigerian authorities towards the settlement of this misunderstanding.

Gambaryan and Anjarwalla face the challenge of seeking justice through a human rights violation lawsuit in the legal proceedings. As they patiently await arraignment over the tax evasion charges, they seek redress for the human rights violations. The event implies that Binance is devoted to discovering solutions to this issue by communicating and interacting with Nigerian formal authorities.

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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Benson Mawira

Benson is a blockchain reporter who has delved into industry news, on-chain analysis, non-fungible tokens (NFTs), Artificial Intelligence (AI), etc.His area of expertise is the cryptocurrency markets, fundamental and technical analysis.With his insightful coverage of everything in Financial Technologies, Benson has garnered a global readership.

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