Binance CEO Richard Teng has criticized the Nigerian government for reportedly detaining company executives and pushing for a secretive cryptocurrency settlement. This comes after two Binance employees were detained by Nigerian authorities, raising concerns about the global business environment's safety.

Teng revealed that Tigran Gambaryan, a former US Internal Revenue Service agent heading Binance's financial crime compliance team, is currently in custody. Despite Binance's previous cooperation with Nigerian law enforcement and participation in regulatory discussions, Gambaryan, renowned globally for combating financial crimes, was arrested during a visit to Nigeria.

Binance engaged in discussions with Nigerian officials during public investigative hearings initiated by the House of Representatives Committee on Financial Crimes (HCFC), which had expressed concerns about Binance's activities in Nigeria. Measures proposed against Binance included warrants for the arrest of the exchange's team and CEO, as well as restrictions on leaving Nigeria.

Although a public hearing was scheduled for January 10 for Binance to address the allegations, Teng mentioned that the company had not received specific accusations at that time. As a result, the delegation aimed to respond in writing. The committee chair promised to consider this request and reach out to Binance's legal team.

Allegedly, Binance management was approached by unidentified individuals proposing a secret cryptocurrency settlement. The negotiation terms included a significant crypto payment to resolve the issues within 48 hours, but Binance did not comply and continued negotiations.

Subsequent meetings were scheduled for late February after allegations of an undisclosed settlement proposal arose. Representatives from various government offices, including The Office of The National Security Adviser, the Office of the President, and the Central Bank of Nigeria, attended these meetings.

Tensions escalated when Nigerian authorities detained Tigran Gambaryan and Nadeem Anjarwalla (head of Binance Africa) and made demands, such as removing the naira from their platform and disclosing detailed user information. Despite prior assurances, Binance alleges that their executives were held against their will, with passports and mobile phones confiscated. Gambaryan's release reportedly depends on Binance's compliance with the Nigerian government's requests.