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Binance CEO says working closely with Nigeria authorities to resolve exec’s detention

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The CEO of cryptocurrency exchange Binance, Richard Teng said on Thursday the company is working very closely with Nigerian authorities following the detention of its head of financial crime compliance.

A Nigerian court has adjourned until May 2 a case against the executive, Tigran Gambaryan, and another Binance official, who are accused of laundering more than $35 million, the country’s anti-corruption body said on April 8.

“What I can say is we are working very closely with the Nigerian authorities to try to resolve the matter,” CEO Richard Teng said, speaking about Gambaryan’s case during the Token2049 crypto conference in Dubai.

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The other executive Nadeem Anjarwalla, a British-Kenyan who is a regional manager for Africa, fled Nigeria last month.

Anjarwalla and Gambaryan flew to Nigeria following the country’s decision to ban several cryptocurrency trading websites and were detained on arrival on Feb. 26 by Nigeria’s anti-corruption body the Economic and Financial Crimes Commission (EFCC).

In addition to the case brought by the EFCC, Nigeria’s tax agency, the Federal Inland Revenue Service (FIRS), has charged Binance and the executives with tax evasion, a case that will appear before a court on Friday.

“This was a one-off. It’s never happened to us before,” Binance’s head of regional markets Vishal Sacheendran told Reuters on the sidelines of the Dubai conference when asked about the detentions.

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