Two executives from the world's largest cryptocurrency exchange, Binance, have been detained in Nigeria for the past two weeks as part of the country's broader crackdown on crypto platforms. Tigran Gambaryan, Binance's head of investigations, and Nadeem Anjarwalla, the company's regional manager for Africa, had their passports confiscated and have been held at a government facility in Abuja since February 26, according to their families.
Gambaryan, a former U.S. federal agent who led high-profile investigations into cryptocurrency crimes, and Anjarwalla, a dual citizen of the U.K. and Kenya, were invited by the Nigerian government to discuss Binance's operations and the restrictions imposed on the exchange. However, shortly after their initial meeting, the two executives were moved to a "guesthouse" run by Nigeria's National Security Agency, where they have been detained against their will.
"There's no definite answer for anything: how's he's doing, what's going to happen to him, when he's coming back," said Yuki Gambaryan, Tigran Gambaryan's wife. "And not knowing that is killing me."
Nigeria's actions against Binance executives come amid the country's efforts to revive its national currency, the naira, and address concerns about tax revenue losses from unregistered crypto exchanges. The Central Bank of Nigeria accused Binance of operating illegally and facilitating "illicit flows" amounting to $26 billion.
As part of the ongoing negotiations, Nigeria has demanded that Binance disclose its top 100 users in the country and provide all transaction history spanning the past six months, according to a Financial Times report. Additionally, documents reviewed by FT reveal that Nigeria, through its national security adviser, has requested that Binance address any outstanding tax liabilities.
Elahe Anjarwalla, the wife of Nadeem Anjarwalla, described her husband as a "middle management employee of Binance with no decision-making authority" and expressed her desire for his safe return home. "Nadeem is a loving husband and father. He is my best friend," she said. "All I want is for Nadeem to be allowed to come back home to us."
Gambaryan's detention is particularly ironic given his track record of pioneering high-impact cryptocurrency cases as an IRS agent. "He was innovative in investigating things in ways that very few people in the country had figured out, and incredibly selfless in terms of who got credit. I don't think anyone had a bigger impact on these types of investigations," said Will Frentzen, a former prosecutor who worked closely with Gambaryan.
Yuki Gambaryan believes that her husband's past service to the United States should warrant the government's support in negotiating his freedom. "He's done so much good for this country throughout his career," she said. "I believe it's his turn to get the same amount of support from his country."
As of Tuesday, neither Gambaryan nor Anjarwalla have been formally charged with any criminal offenses. A proposed hearing to extend the court order allowing their detention is scheduled for Wednesday.
In response to the heightened regulatory scrutiny and contentious negotiation tactics in Nigeria, Binance discontinued its naira (NGN) services last week. The company declined to comment on the specific accusations or demands made by the Nigerian government, stating only that they are "working collaboratively with Nigerian authorities to bring Nadeem and Tigran back home safely to their families."
The detention of Binance executives in Nigeria highlights the growing tensions between cryptocurrency exchanges and governments seeking to regulate the industry and protect their national currencies. As the situation unfolds, the crypto community and the families of the detained executives await a resolution that will bring Gambaryan and Anjarwalla home safely.
