Binance says it’s working ‘collaboratively’ with Nigerian authorities

Nigeria and Binance continue to face off, even after Binance pulled support for the naira

March 15, 2024 12:44 pm

ymcgraphic/Shutterstock modified by Blockworks

Binance’s problems in Nigeria continue as two employees remain detained in the country.

Authorities in Nigeria asked a court in the capital of Abuja to extend the detention of two executives who have been held since Feb. 26.

Officials sought to extend the court order allowing the executives to be held, which lasted 14 days.

Newsletter

Subscribe to The Breakdown

Binance’s head of financial crime compliance, Tigran Gambrayan, and Nadeem Anjarwalla, the regional manager for Africa, are being detained in the country. They have not been charged with any crimes.

Earlier this week, in a joint statement, the wives of the two executives said, “We don’t understand how keeping [Gambrayan and Anjarwalla] — and us — in this nightmare is going to help resolve whatever issues the Nigerian government has with Binance. We just want our husbands home and we are pleading with the Nigerian authorities to release them immediately and for Tigran and Nadeem’s respective governments to do more to get their citizens home.”

A hearing is set for March 20 after lawyers for the executives argued that they shouldn’t be detained. Nigerian officials were given three days to respond to the arguments from the lawyers, according to a representative for the families.

“While it is inappropriate for us to comment on the substance of the claims at this time, we can say that we are working collaboratively with Nigerian authorities to bring Nadeem and Tigran back home safely to their families. They are professionals with the highest integrity and we will provide them all the support we can. We trust there will be a swift resolution to this matter,” a Binance spokesperson told Blockworks.

The dispute between Binance and Nigeria started in late February after the country’s central bank governor, Olayemi Cardoso, named Binance in a press conference and said that $26 billion passed through Binance Nigeria.

Then, another official said that the country was looking to impose a fine. Following the reports around the back and forth between the two, Binance announced that it was ending support for the naira.

Get the news in your inbox. Explore Blockworks newsletters:

The Breakdown: Decoding crypto and the markets. Daily.
0xResearch: Alpha in your inbox. Think like an analyst.

Tags

Newsletter

The Breakdown

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Digital Asset Summit 2026

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

buy tickets learn more

recent research

Research

Kinetiq Protocol: From LST Infrastructure to HIP-3 Deployer

Kinetiq has established itself as Hyperliquid's dominant liquid staking protocol, holding 82.5% of LST market share with $610M in TVL. The protocol is now expanding beyond its kHYPE staking core into higher take-rate verticals: iHYPE for institutional custody rails, Launch for HIP-3 capital formation, and Markets for builder-deployed perpetuals. We view Markets, launching Jan. 12, as the highest-potential product line given its mechanically scalable, activity-linked unit economics. Near-term revenue remains anchored by kHYPE's KIP-2 fee schedule (~$1.6M annualized), while Markets provides embedded optionality if HIP-3 economics normalize post-Growth Mode. KNTQ's setup is relatively clean: zero insider unlocks until November 2026, 6.2% buyback yield from staking revenue, and cleared airdrop overhang. Risks center on unproven Markets execution, declining kHYPE TVL despite ongoing incentives, and competition from Hyperliquid's native initiatives.

by Shaunda Devens