Binance Still Keen On Nigeria Following End Of Detained Exec Saga

After months of tension and scrutiny, Binance executive Tigran Gambaryan has left Nigeria following the dismissal of all charges against him by Nigerian authorities earlier this week.

Detained since February on charges of tax evasion and money laundering, Gambaryan's release marks the end of a turbulent chapter for Binance's Nigerian operations. Despite the lengthy detention of one of its top compliance officials, Binance remains keen on building its presence in the Nigerian market.

Binance CEO Richard Teng implied this in a statement on Thursday, expressing optimism about Nigeria's potential for blockchain innovation. "With a young, tech-savvy population and a strong interest in digital finance, Nigeria is well-positioned to leverage blockchain technology to address economic and social challenges. We look forward to playing a constructive role in that effort," Teng stated, signalling that Binance still sees a future in Nigeria despite the recent setbacks.

Nigeria ranks among the top countries for crypto adoption globally, with crypto transactions growing 9 year-over-year to USD 56.7 B between July 2022 and June 2023, according to a report by blockchain research firm Chainalysis. Crypto is gaining ground in Nigeria as Africas most populous nation grapples with a weakening currency and soaring inflation.

The troubles began in February when Gambaryan and Nadeem Anjarwalla, another Binance executive, arrived in Abuja to address issues raised by Nigerian regulators.