In a concerning development, two senior executives from the cryptocurrency exchange Binance have been detained by Nigerian authorities for over two weeks. Tigran Gambaryan, who leads Binance's criminal investigations team, and Nadeem Anjarwalla, the company's regional manager for Africa based in Kenya, have had their passports seized and are being confined to government property in Abuja, Nigeria's capital city.

The ordeal began on February 26th when Gambaryan and Anjarwalla arrived in Abuja to address an ongoing dispute between Binance and the Nigerian government. Authorities had previously ordered telecoms in the country to block access to Binance and other crypto exchanges, citing concerns over the devaluation of the Nigerian naira and alleged facilitation of illicit financial flows.

After an initial meeting, the executives were taken to their hotels and then subsequently moved to a government-run guesthouse by Nigeria's National Security Agency against their will.

Families Deeply Worried Over Detained Loved Ones

The families of the detained executives have expressed grave concern and frustration over the lack of clarity surrounding the situation. Yuki Gambaryan, wife of Tigran, told Wired "There's no definite answer for anything: how's he's doing, what's going to happen to him, when he's coming back. And not knowing that is killing me."

Despite visits from US and UK officials, Gambaryan and Anjarwalla have been unable to communicate privately due to the constant presence of Nigerian government guards during these meetings. The families also shared that the executives were briefly transferred to a local hospital when Anjarwalla fell ill, possibly from malaria, but were returned to the government property where they remain confined.

Binance Seeks Resolution, Highlights Executives' Integrity

When approached for comment, Binance declined to provide details on the specific accusations or demands made by Nigerian authorities. However, a spokesperson stated that the company is collaboratively working to secure the safe return of the executives, emphasizing their professionalism and integrity. The spokesperson expressed hope for a swift resolution.

Ironically, Gambaryan's detention is particularly notable given his background as a former US federal agent who specialized in cryptocurrency-related investigations. His hiring by Binance was seen as an effort to improve regulatory compliance and law enforcement cooperation.

The Nigerian government's crackdown on Binance intensified recently, with the exchange being forced to suspend Nigerian naira withdrawals after March 8th following scrutiny from regulators. Earlier, authorities imposed a staggering $10 billion fine on Binance as part of efforts to stabilize the national currency.