The detention of Binance employee Tigran Gambaryan by the Nigerian government has been characterized as “unjust” and a “dangerous precedent” for global firms by Binance CEO Richard Teng.

Teng further claimed that Gambaryan is still being held for “spurious” reasons despite Binance’s persistent attempts at positive interaction and collaboration with Nigerian authorities.

Binance CEO, in a statement on Tuesday, said, “To invite a company’s mid-level employees for collaborative policy meetings, only to detain them, has set a dangerous new precedent for all companies worldwide.”

“The message from the Nigerian government is clear: we must detain an innocent, mid-level employee, a former U.S. federal agent, and place him in a dangerous prison to control Binance.

“This regrettable turn of events contradicts the spirit of cooperation and transparency that Binance has consistently demonstrated in its interactions with the regulatory authorities.”

Upon their arrival in Nigeria on February 26, Gambaryan and his associate Nadeem Anjarwalla were taken into custody as part of a criminal probe into Binance’s operations there.

While Gambaryan is still being held at the Kuje Correctional Center awaiting the outcome of his bail application, Anjarwalla managed to escape from captivity.

The largest cryptocurrency exchange in the world, Binance, was accused by the Nigerian government of manipulating exchange rates on its website, which led to the depreciation of the naira.

Binance, Gambaryan, and his fugitive colleague Anjarwalla were charged by the Economic and Financial Crimes Commission with hiding the source of the $35,400,000 in revenue that Binance made in Nigeria, knowing full well that the money was the product of illegal conduct.

On April 2, Gambaryan, who was charged with tax evasion, currency speculation, and money laundering, was supposed to go on trial.

Nevertheless, because the Economic and Financial Crimes Commission (EFCC) neglected to provide the defense with essential materials, the hearings at a federal high court in Abuja were postponed.

The case’s presiding judge, Justice Emeka Nwite, postponed the hearing to May 17. This hold-up occurs while Gambaryan waits for the outcome of his bail request.

But according to the CEO of Binance, one of the company’s mid-level employees, who lacks decision-making authority, is being wrongfully detained by Nigerian authorities.

He stated that “if we’re going to move forward,” the situation needs to be resolved swiftly and Tigran ought to be permitted to return home.