Tigran Should Be Allowed To Go Home

As we approach the 8-month mark of Tigran and his colleague Nardeem's arrest by the Office of the National Security Adviser(ONSA). I wanted to, for the first time, publicly share my thoughts on this situation.

Background

For the past few years, Nigeria has been battling raging inflation and currency crisis with some of it exacerbated by a Central Bank Governor who was unorthodox in every way. Some of his unorthodox acts includes cutting down trees in city centres in order to fight inflation, shutting down an information-only website sharing exchange rates data and inviting them on National TV for a physical combat. Most unorthodox of his acts in my books is his failed Presidential ambition.

Millions of Nigerians have flocked to using cryptocurrencies for different reasons ranging from speculation, hedging against inflation, cross-border trade, new income streams, and remittances.

Binance, with it's all out approach with product offerings and ruthless marketing became the biggest and most trusted exchange used by millions of Nigerians

As the Nigerian Govt agencies tried their best to stifle the spread of cryptocurrencies, peep-to-peer markets became even bigger, with the Binance P2P market posting billions of dollars in trading volumes every year. As peer-to-peer markets grew, it meant the government had less visibility into flow of funds between Nigerians using cryptocurrencies - mostly Bitcoin and USDT.

As the various policies put in place to enhance capital controls piled on, it became more difficult for the market to find visibility on what the real market rates are - enter Binance P2P. On the Binance P2P marketplace, liquidity providers and retail traders placed their buy and sell orders with their preferred rates, since it was a transparent and free market, it over time became the reference rates for what the Naira exchanged for against the US dollar.

If >70% of the market including importers who use USDT for cross-border trade suddenly see Binance exchange rates as the reference rates, then it means if I can somehow manipulate the exchange rate on Binance, I can control the market. The Central bank strongly believes there were days where this happened on the platform.

The exchange rates issue doesn't mean that all is well with the economy and Binance is to blame, Binance as the 'market-maker' became the scapegoat. The authorities sent various communications to Binance to make some changes and implement tighter measures which to the best of my knowledge were implemented at the time. As things escalated, with the security agencies looking for any group of persons they can lay their hands on whom they believe are manipulating the exchange rates and potential points of money laundering/terrorism financing, they once again invited Binance for a chat, at this time most Binance employees had left Nigeria or resigned for their safety.

Tigran [US National] and Nardeem[British Kenyan National], both Binance employees, came to Nigeria as Binance representatives for discussions regarding Binance's role in Nigeria's currency crisis and AML compliance issues including terrorism financing.

Despite being invited delegates, they were arrested before negotiations concluded - from what I know, with the knowledge of a U.S. intelligence agency.

Nardeem has since escaped Nigeria, while Tigran has been remanded in Kuje Maximum Security Prison and has been refused bail on 3 occasions despite having health challenges.

Going Against Diplomatic and Business Norms

Even in wartime, inviting delegates or envoys is often for the purpose of negotiation and communication. Anything short of this by all intents and purposes, defeats the spirit of diplomacy and only serves to escalate the situation.

Key Concerns

While I'm not at liberty to publicly share all that I know about this case, I believe it is important to still bring to fore the fact that everything about how this is being handled is wrong on so many levels and is likely going to get worse, and there will be only one loser here - Nigerians.
Tigran, not a key decision-maker at Binance, is effectively being held as leverage in negotiations with the company.
The global business community is closely watching this situation, potentially deterring future investments in Nigeria
This incident contradicts the Nigerian Presidency's efforts to attract international investors

Setting the Crypto Context

The popularity of cryptocurrencies in Nigeria stems from systemic issues. Addressing these root causes and implementing safety mechanisms would be more effective than detaining individuals.

Unusual Circumstances

Some things I just can't make a sense of -

Tigran, a U.S. citizen and former financial crime enforcement agent, has been held for an extended period in what appears to be a hostage-like situation
This prolonged detention of a U.S. citizen raises questions about the diplomatic handling of the situation.

How Do We Resolve This?

A pragmatic, ego-free approach is needed to resolve this situation.
All parties involved should seek a solution that allows for a dignified exit.

Can Someone Explain What Richard is Doing?

Binance's response to this crisis, particularly from the current CEO Richard Teng, has been surprisingly subdued given the company's global influence and resources. As the leader of one of the world's largest cryptocurrency exchanges, one might expect a more robust and proactive approach from Teng in addressing this situation.

The apparent lack of decisive action from Binance's top leadership raises several concerns:

Commitment to Employees: The muted response could be interpreted as a lack of strong support for their detained executives, potentially damaging employee morale and trust. I have met Binance employees who have had to flee Nigeria and are still on exile. They need to be free to return to their families
Negotiation Strategy: While discretion in sensitive negotiations is understandable, the prolonged detention suggests that current strategies may be ineffective.
Public Relations: The subdued public stance might be misconstrued as indifference, potentially harming Binance's reputation in the broader crypto community and among its users. Every thing I've seen so far just reads as these guys are unserious and believe simple statements are the way forward.
Precedent Setting: A passive approach to such a serious incident could set a concerning precedent for how governments interact with crypto companies and their executives globally.

A more assertive and visible response from Richard Teng and the Binance leadership team could potentially:

Demonstrate the company's commitment to its employees' wellbeing
Expedite negotiations for the executives' release
Reassure the crypto community and Binance users of the company's ability to handle crises
Set a strong precedent for how similar situations should be handled in the future

The crypto industry is watching this situation closely, and Binance's handling of it could have far-reaching implications for the company's future operations and the broader relationship between crypto entities and national governments.

Overall, I believe that a more collaborative approach to resolving this issue before it becomes worse is in the best interest of Nigeria and its people.