Nigerian officials allegedly demanded a $150 million payment in cryptocurrency from Binance compliance officer Tigran Gambaryan one month before his arrest in February, according to a report by *The New York Times*. The payment, reportedly framed as a bribe, was requested during a meeting with Nigerian legislators. Gambaryan and his colleague, Nadeem Anjarwalla, were given 48 hours to comply.
Following the demand, Gambaryan quickly left Nigeria and shared a detailed three-page document outlining the request with Binance’s legal team and its contacts within the Nigerian government. However, he returned to Nigeria a month later with Anjarwalla. Shortly afterward, both were arrested on charges of tax evasion and money laundering. Anjarwalla later escaped custody from an Abuja hotel in March.
In addition to the arrests, Nigerian officials allegedly threatened to detain Richard Teng, Binance’s CEO, further escalating tensions. Binance subsequently ceased operations in Nigeria, with its website blocked in the country.
The arrests and subsequent crackdown stem from Nigeria’s stance on cryptocurrency, which the government has labeled a “national security” issue. Authorities claim that crypto traders exploit centralized exchanges to manipulate the country’s exchange rate. In response, Nigeria’s Securities and Exchange Commission (SEC) has reinforced its position, urging traders to halt peer-to-peer trading on crypto platforms.
The incident highlights the growing friction between the Nigerian government and the cryptocurrency industry, reflecting a broader regulatory challenge in managing the integration of digital assets into national economies.
