Richard Teng, the CEO of Binance, has urged the Nigerian government to immediately release Tigran Gambaryan, a Binance executive who has been detained for over 70 days. Teng believes that Gambaryan's detention is unfair and baseless, emphasizing his valuable contributions to Binance's compliance efforts. Gambaryan, a former U.S. federal agent specializing in financial crime compliance, was detained on February 26 along with Binance's Africa regional manager, Nadeem Anjarwalla. While Anjarwalla managed to escape custody, Teng remains detained.

In response to the situation, Teng announced the suspension of certain Binance operations in Nigeria, such as P2P products and trading in naira pairs, in an effort to address regulatory concerns and facilitate discussions with Nigerian authorities. Teng stressed the urgency of resolving Gambaryan's case to ensure the normalization of Binance's operations in the region.