Nigerian Authorities Detain Kenyan Binance Executives Amidst Naira Volatility

Two Binance executives Tigran Gambaryan and Nadeem Anjarwalla have been detained by Nigerian authorities in Abuja for the past two weeks.

The detentions come amidst a period of significant decline in the value of the Nigerian Naira and accusations from Nigerian officials that cryptocurrency exchanges like Binance are contributing to the problem. Gambaryan, a former US federal agent with expertise in cryptocurrency investigations, and Anjarwalla, a government affairs specialist for Binance, were invited to Nigeria to discuss concerns raised by the Nigerian government regarding the impact of cryptocurrency exchanges on the Naira and potential illegal financial activities.

However, upon arrival and following meetings with Nigerian officials, they were taken into custody and their passports confiscated. The families of the detained executives have not been informed of any charges against them. While Gambaryan received a visit from a US State Department representative, and Anjarwalla met with a UK foreign office representative, it remains unclear what actions these governments are taking to secure their release. The Nigerian government, through officials like Bayo Onanuga, a special advisor to the president, has accused Binance of manipulating the exchange rate and encroaching on the central bank's authority. They have even suggested a complete ban on cryptocurrency within the country.

On the other hand, Binance maintains they are cooperating with Nigerian authorities and discussions regarding potential compensation are ongoing. They highlight Gambaryan's past work with the US government in dismantling cryptocurrency-related crimes, suggesting his expertise could be valuable in addressing Nigeria's concerns. The families of Gambaryan and Anjarwalla are understandably distressed by the situation. Yuki Gambaryan emphasizes her husband's track record and urges the US government to intervene in securing his release.

Elahe Anjarwalla expresses concern for her husband's well-being during Ramadan and the impact of his absence on their young son. In November 2022, the former Uber Eats Kenya general manager Nadeem Anjarwalla was appointed the director for East Africa at Binance, a leading global provider of blockchain and cryptocurrency infrastructure. In his position, Nadeem is responsible for overseeing commercial operations across more than 12 markets in the region, with Kenya serving as a focal point for transaction activities within the company's strategy.

Nadeem is lauded to have a rich background in establishing and expanding business operations across various industries. His academic credentials include an MA from Stanford University and a BA in philosophy, politics, and economics from Oxford University.