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Binance accuses Nigeria of setting dangerous precedent with detention of its executives

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After its executives were invited to Nigeria and subsequently arrested as part of a crackdown on cryptocurrencies, the CEO of cryptocurrency exchange, Binance, warned that the African nation was creating a dangerous precedent.

The largest cryptocurrency exchange in the world, Binance, and two of its executives are being tried separately for tax evasion and money laundering, charges that the business is contesting.

CEO Richard Teng declared in a statement that it was time to voice opposition to the imprisonment of a US citizen and head of financial crime compliance at Binance, Tigran Gambaryan.

Former executive, Nadeem Anjarwalla, a British Kenyan who works as a regional manager for Africa, escaped detention in Nigeria last month. While in Nigeria, Anjarwalla and Gambaryan were arrested by the country’s anti-corruption body, the Economic and Financial Crimes Commission (EFCC), after arriving on February 26, after which the country banned several websites that traded cryptocurrencies.

In a follow-up meeting on February 26, he stated that the authorities had declared the Binance concerns to be matters of national security and that they wanted the exchange to remove the naira from its site and disclose “granular-level” information on every Nigerian user. After that, Gambaryan and Anjarwalla were taken into custody.

“To invite a company’s mid-level employees for collaborative policy meetings, only to detain them, has set a dangerous new precedent for all companies worldwide,” Teng said, in his strongest comments yet since the case started in February.

“For spurious reasons,” Teng said that Gambaryan had been detained in Nigeria for almost two months. Early in March, Binance declared that it will no longer be accepting any new naira transactions.

“Our hope when we took this drastic step was that our colleagues would be released and Binance could continue to work with the Nigerian government to resolve any further concerns. Unfortunately, that didn’t happen,” said Ten.

He stated that Gambaryan ought to be permitted to return home while Binance and the Nigerian government work out any kinks. “We will continue engagement with Nigeria’s Federal Inland Revenue Service (FIRS) on resolving potential historic tax liabilities,” he said.

Musings From Abroad

Russia vetoes Sudan conflict Security Council move

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A draft resolution from the UN Security Council urging Sudan’s warring parties to immediately end hostilities and guarantee the delivery of humanitarian supplies was vetoed by Russia on Monday.

China and every other member of the 15-member council supported the British-Serra Leonean-drafted motion.

In a decision described as “mean, nasty, and cynical” by British Foreign Secretary, David Lammy, Russia was the only member to vote against, sending a message to the warring parties that they may act without consequence.

The world’s greatest relocation crisis began in April 2023 when the Sudanese army and the paramilitary Rapid Support Forces engaged in a power battle ahead of a scheduled transfer to civilian administration.

The conflict’s participants were urged by the draft resolution to “immediately cease hostilities and engage, in good faith, in dialogue to agree steps to de-escalate the conflict to urgently agree a national ceasefire.”

In addition, it urged them to hold talks to reach agreements on humanitarian pauses and arrangements, guarantee the safe movement of people, and provide sufficient humanitarian relief, among other things.

The United Kingdom was accused by Russia of trying to interfere in Sudanese affairs.

“We agree with all Security Council colleagues that the conflict in Sudan requires a swift resolution. It is also clear that the only way to achieve this is for the warring parties to agree to a ceasefire,” Deputy Russian U.N. Ambassador Dmitry Polyanskiy told the meeting.

He claimed Lammy’s critique was an “excellent demonstration of British neo-colonialism” and accused those who supported the proposed resolution of using “double standards” by allowing Israel to continue violating international humanitarian law in Gaza.

“One country stood in the way of the council speaking with one voice. One country is the blocker. One country is the enemy of peace. This Russian veto is a disgrace, and it shows to the world yet again, Russia’s true colours,” Lammy told the meeting.

“I ask the Russian representative, in all conscience – sitting there on his phone – how many more Sudanese have to be killed? How many more women have to be raped? How many more children have to go without food before Russia will act?”

Nearly 25 million people, or half of Sudan’s population, require help, according to the U.N., since 11 million people have abandoned their homes and starvation has spread to displacement camps. Of those, almost 3 million have departed for other nations.

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Musings From Abroad

UK wants Security Council vote on Sudan resolution

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According to the British foreign ministry, Britain will look to other members of the UN Security Council on Monday to support its call that the warring parties in Sudan halt their fighting and let in humanitarian supplies.

A vote on a draft resolution offered by the UK and Sierra Leone that also demands for the protection of civilians is scheduled to be chaired by British Foreign Minister David Lammy, as London holds the council’s rotating presidency.

British Foreign Minister, David Lammy, is set to chair a vote on a draft resolution proposed by the UK and Sierra Leone that also calls for the protection of civilians, as London holds the council’s rotating presidency.

The British foreign ministry said that Britain will look to other members of the UN Security Council on Monday to support its call for the warring parties in Sudan to cease their fighting and allow humanitarian supplies.

He was supposed to declare that Britain “will keep standing with Ukraine until reality dawns in Moscow” in reference to the conflict in Ukraine.

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