Binance CEO Richard Teng Breaks Silence, Advocates for Detained Executive Tigran Gambaryan
For the first time publicly, Teng shares his thoughts on the ordeal in a blog post titled, “Tigran Gambaryan is Innocent and Must Be Released.”
“My friend and colleague, Tigran Gambaryan, has been unlawfully detained by the Nigerian government for more than 70 days. We’re tirelessly working to #BringTigranHome.”
These were the words of Binance’s CEO, Richard Teng, in an X post dated May 7. For the first time ever publicly, Teng has finally broken his silence regarding the matter in Nigeria.
His defense for his fellow Binance member is palpable, highlighting Tigran’s heroic efforts in securing the firm’s establishment.
The blog starts out with Teng calling for fair treatment for his colleague.
“There has been much public commentary on this episode, and I wanted to take this opportunity to provide the facts so that the global community’s perception may not be distorted unfairly,” Teng begins.
Teng went on to highlight the unjust 70-day Nigerian detention of Tigran, who, in fact, happens to be a respected financial crime fighter.
The CEO underscores Tigran’s distinguished career, emphasizing his role in developing compliance measures at Binance and his team’s significant contributions to global law enforcement efforts, including the seizure of billions in assets.
The goal was to represent Tigran as an expert, and not someone who is in power to make decisions for the firm.
“Finally, it is important to note that Tigran did not go to Nigeria as a “decision-maker,” nor a “negotiator.” He was merely acting as a functional expert in financial crime and capacity building in policy discussions,” Teng noted.
The blog went on with Teng explaining the sequence of events leading to Tigran’s detention, including Binance’s efforts to engage constructively with Nigerian authorities regarding cryptocurrency regulations.
Here’s a quick breakdown of Binance’s background and involvement in Nigeria:
- 2022: Nigeria’s SEC introduced digital asset regulations. Binance sought but did not receive clarification on licensing.
- June 2023: The SEC warned against Binance’s operations, mistakenly citing “Binance Nigeria Limited.” Binance halted its solicitation activities in response.
- August 2023: Binance backed the Digital Currency Coalition (DCC) to promote regulatory engagement for crypto regulations.
- November 2023: Binance provided training to Nigerian law enforcement agencies NFIU and EFCC.
- December 2023: Binance was invited to a public investigative hearing by the HCFC, which was later scheduled for January 10, 2024.
It was mentioned that Binance proactively sought guidance from the SEC on licensing processes but received no response.
“In the letter we sent the SEC at that time, we reiterated that Binance was ‘fully committed to cooperating with the Commission and complying with the relevant regulations’ and requested a meeting with the SEC,’” Teng wrote while noting that a previous meeting had been requested by Binance but that no response had been received from the SEC.
“Again, the SEC did not respond,” he added. “We’ve continued to engage constructively with the SEC by providing commentary on their amended regulations as recently as March 29, 2024.”
Teng describes how Tigran and another Binance employee were held by Nigerian officials after meetings about Binance’s activities in Nigeria.
Despite being promised safety, they were kept against their wishes, all while their embassies got involved to help resolve the situation.
Teng expresses frustration at the situation and calls for Tigran’s release, emphasizing Binance’s commitment to cooperating with regulators worldwide and protecting its users.
Teng’s post serves as a call to action for fair treatment and highlights the need for clear regulatory frameworks and international cooperation in the digital asset industry.
Where they stand now
Tigran Gambaryan remains detained in Nigeria, with the government using his detention as leverage over Binance.
“The message from the Nigerian government is clear: we must detain an innocent, mid-level employee and a former U.S. federal agent, and place him in a dangerous prison in order to control Binance,” Teng said in the post.
Binance has ceased certain operations in Nigeria as a good faith gesture, hoping for Tigran’s release and a resolution to the situation.
“Since I assumed the role of CEO of Binance, I have made it a key commitment to work with global regulators and enforcement agencies to uphold the integrity of the global financial system,” Teng continued.
“Let Tigran go home to his family, and then Binance will work through the same process that we have done with Nigeria’s law enforcement community voluntarily more than 600 times in the past.”
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