Richard Teng, the CEO of Binance, has spoken out against the Nigerian government's detention of two of the exchange's employees, labeling it as a "dangerous new precedent" for companies worldwide. The detained employees, Tigran Gambaryan and Nadeem Anjarwalla, were arrested after being invited to participate in policy meetings in Nigeria.

Teng revealed in a public statement on May 7 that Gambaryan and Anjarwalla were promised safe passage for their meetings prior to their trip to Nigeria. However, despite these assurances, they were unlawfully detained by Nigerian authorities. Anjarwalla was released nearly a month later, but Gambaryan remains in custody, awaiting trial scheduled for May 17.

The ordeal began when Gambaryan and his colleagues visited Nigeria in January as part of a Binance delegation to discuss crypto regulations and compliance requirements with Nigerian authorities. However, following their meetings, they were approached by individuals demanding a significant payment in cryptocurrency to settle unspecified allegations. Binance refused to comply with the demand, viewing it as illegitimate.

Teng expressed concern over the lack of details provided by Nigerian authorities regarding the allegations against Binance. He emphasized that if Nigerian authorities wish to resolve the matter, Gambaryan must be allowed to return home. Despite numerous requests for information, Binance has not been provided with sufficient clarity on the situation.

Gambaryan, who holds American citizenship, and Anjarwalla, a British-Kenyan, were arrested at an Abuja airport in February. Following their arrest, all naira and peer-to-peer services on Binance in Nigeria were suspended. Anjarwalla reportedly fled the country in March but was later apprehended in Kenya at the request of Nigerian authorities.

The detention of Gambaryan and Anjarwalla has raised concerns within the cryptocurrency community, with Teng warning of the dangerous precedent it sets for companies worldwide. Binance remains committed to resolving the situation and ensuring the safety and well-being of its employees.