Binance Executives Detained in Nigerian Capital Despite Company's Exit from the Country

Two senior executives from Binance, Tigran Gambaryan and Nadeem Anjarwalla, are reportedly still detained in Abuja, Nigeria, despite the exchange's announcement of its exit from the country. Gambaryan, head of Binance's criminal investigations team, and Anjarwalla, Binance Kenya-based regional manager for Africa, have been held without passports since February 26.

Nigerian prosecutors have not provided information on whether the two executives face criminal charges. Binance confirmed that Gambaryan and Anjarwalla were still detained in Nigeria as of March 12 and stated that the exchange is working collaboratively with Nigerian authorities to bring them back home safely.

The executives reportedly arrived in Abuja on February 25 following an invitation from the Nigerian government to address the ongoing dispute with Binance regarding its allegedly unlawful operations in the country. The dispute revolves around the government's order to telecom providers to block access to Binance and other crypto exchanges, blaming them for devaluing Nigeria's official currency and enabling illicit flows of funds.

Instead of finding common ground during their meeting with Nigerian officials, Gambaryan and Anjarwalla were taken to their hotels, ordered to pack their things, and brought to a guesthouse run by Nigeria's National Security Agency. Their passports were seized, and they have since been held at the house against their will.

The arrests occurred a few days before Binance officially announced its complete exit from Nigeria on March 5, suspending naira withdrawals and removing all trading pairs involving the naira. The platform had disabled peer-to-peer trading with the naira in late February.