US Intervention Requested for Detained Binance Execs

The Chamber of Digital Commerce, a blockchain trade association, has urged the United States government to help release two Binance executives because they are US citizens.

In a Mar. 15 blog post, the Chamber of Digital Commerce calls for an immediate diplomatic intervention to put right what it views as an injustice. The organization contends that Nigerian authorities’ recent detention of these executives under dubious circumstances sets a concerning precedent.

A Call For Urgent Diplomatic Actions

According to the association, the Nigerian government’s detention of the individuals isn’t in accordance with international law and diplomatic norms. Recall that on Feb. 26, the Nigerian government detained Tigran Gambaryan and Nadeem Anjarwalla as part of a crackdown on the Binance exchange over the falling value of the Naira and skyrocketing inflation.

According to the group, American entrepreneurs abroad, particularly those in the cryptocurrency sector, may encounter unlawful treatment by foreign authorities if the US government fails to address this situation.

However, the situation is particularly delicate due to Nigeria’s status as an annual US foreign aid recipient and ally, complicating diplomatic moves. This complexity distinguishes the case from similar incidents involving countries with less cordial relations with the United States.

Nigerian Government’s Invitation

Gambaryan and Anjarwalla arrived in Abuja on Feb. 25 in response to an invitation extended by the Nigerian government. Based on the invite, they aimed to clarify that Binance had no role in the nation’s skyrocketing inflation and reaffirm the firm’s commitment to adhering to its financial regulations.

Also, the executives met with Nigerian officials the following day to address the government’s directive instructing the nation’s telecom providers to limit access to Binance’s websites. Nigerian authorities linked the devaluation of the country’s official currency to the illicit fund inflows to cryptocurrency exchanges, particularly Binance.

Contrary to expectations of reaching a mutual understanding, Gambaryan and Anjarwalla were escorted back to their hotels shortly after the initial meeting. Subsequently, they were escorted to a “guesthouse” of Nigeria’s National Security Agency. Eight days after their arrest, Binance officially announced that services in Nigeria had ceased.