Teng also challenged the government’s assertion that Nigeria was a major revenue source for Binance, noting that the figures cited were misleading.
The Chief Executive Officer of Binance, Richard Teng, has called for the release of Tigran Gambaryan, a company employee currently on trial in Nigeria. Gambaryan, along with fellow executive Nadeem Anjarwalla, was detained in February after traveling to Nigeria following a government ban on the Binance website.
The Nigerian government alleges that the arrests were made after an investigation uncovered money laundering and terrorism financing activities linked to transactions on the Binance platform.
In a statement obtained by our correspondent on Tuesday, Teng argued that there is no legitimate reason for Gambaryan’s continued detention, calling the government’s actions unjustified.
“One of the reasons given by the Nigerian government for holding Tigran is that ‘Binance is operating virtually. The only tangible hold we have is this defendant.’ This claim is misleading. There is no need to imprison an innocent employee to resolve any allegations against Binance,” Teng said.
He further highlighted that Binance has resolved issues in other countries, including the U.S., Thailand, Brazil, and India, in a collaborative and amicable manner without any harm or threat to its employees. Teng insisted that there is no valid justification for Gambaryan’s detention to facilitate discussions on unresolved issues.
Teng also refuted claims that Binance is responsible for Nigeria’s currency depreciation, explaining that this narrative is not supported by facts.
He clarified, “Between 2021 and the end of 2022, the Naira traded within a relatively stable range of USD1:380 to USD1:440. We offered P2P services to users interested in crypto during this period. However, the Nigerian government’s decision to end the Naira’s currency peg in June 2023 led to the most significant currency decline in the nation’s history.”
“The Naira fell from USD1:460 in June 2023 to USD1:900 by the end of that year, continuing its downward trajectory. By July 31, 2024, the Naira had plummeted to USD1:1,660, marking a 50% decline from the start of the year, despite Binance ceasing to offer P2P services in February 2024. As economists have explained, currency movements are driven by various macroeconomic factors.”
Teng also challenged the government’s assertion that Nigeria was a major revenue source for Binance, noting that the figures cited were misleading.
He stated, “The Nigerian government has claimed we earned USD$26 billion in revenue from Nigeria in 2023. This is incorrect. The $21.6 billion figure represents the total transaction volume from 2023, not our revenue. Transaction volume refers to the total value traded, and our revenue is based on a small percentage transaction fee. We pride ourselves on offering some of the lowest transaction fees of any exchange globally.”
Teng expressed concern over the deteriorating health of his employees, accusing the Nigerian government of denying them adequate medical care. He revealed that Gambaryan’s physical and mental condition has worsened significantly, with his ability to walk severely impaired due to a herniated disc.
“Tigran is in severe pain and cannot walk due to a herniated disc. Despite this, the Nigerian government has refused to provide adequate medical care, including basic necessities like a wheelchair. Moreover, they have denied him access to legal counsel, even as his trial is set to begin on September 2. We have been informed that this is unconstitutional in Nigeria,” Teng concluded.
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