The CEO of Binance, Richard Teng, has called for the immediate release of Tigran Gambaryan, an employee of the cryptocurrency exchange who is currently facing trial in Nigeria.

In a statement reported on Tuesday, Teng emphasized that the Nigerian government had no legitimate reason to detain an innocent employee as leverage in ongoing discussions regarding unresolved issues.

According to Teng, one of the justifications cited by Nigerian authorities for Gambaryan’s continued detention is that “Binance is operating virtually. The only thing we have to hold on to is this defendant.” He dismissed this assertion as unfounded, stating, “There is no need to imprison an innocent employee to address any allegations against Binance.”

Teng highlighted Binance’s history of resolving issues amicably with governments in various countries, including the United States, Thailand, Brazil, and India, without causing harm to any employees. He reiterated that holding Gambaryan is unjustified and counterproductive.

Additionally, Teng refuted claims from the Nigerian government that Binance was responsible for the decline of the Nigerian naira. He stated, “To anyone paying attention, this is not supported by facts,” pointing out that between 2021 and the end of 2022, the naira maintained a stable exchange rate between USD1:380 and USD1:440. He attributed the significant fall of the naira, which dropped from USD1:460 in June 2023 to USD1:900 by the end of the year, to the government’s decision to end the currency peg, not to Binance’s operations.

“The downward trend has continued,” Teng noted, citing a recent low of USD1:1,660 for the naira as of July 31, 2024. He explained that the decline persisted despite Binance ceasing to offer peer-to-peer services in Nigeria in February 2024, attributing currency movements to broader macroeconomic factors.