Navigating Nigeria's cryptocurrency regulations has proven challenging, with Binance striving to engage the Securities and Exchange Commission (SEC) for clarity since the regulations' introduction in 2022. Despite industry efforts to comply, the SEC's lack of responsiveness has compounded difficulties for Binance and other crypto service providers.

Amidst the absence of official communication and cooperation from the SEC, Gambaryan's visit, aimed at advancing compliance discussions, resulted in unexpected detention. Binance contests the charges against Gambaryan, viewing them as unfounded and indicative of broader issues regarding how international businesses are perceived in Nigeria. While the company has suspended certain operations in Nigeria to comply with government requests and demonstrate good faith, the situation remains unresolved.

Richard Teng has publicly called for the immediate release of Tigran Gambaryan, asserting his innocence and decrying the injustice of his detention. Teng advocates for a resolution that acknowledges the valuable contributions of international firms like Binance to Nigeria's economic landscape and underscores the importance of fair and lawful treatment of foreign employees.