Binance CEO Calls for Unconditional Release of Tigran Gambaryan from Nigeria

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As an experienced financial analyst, I strongly believe that the ongoing impasse between Binance and the Nigerian government is a significant setback for both parties involved. The unlawful detention of Tigran Gambaryan for over two months without proper communication or due process is concerning.

For over two months, a standstill has existed between the Nigerian government and Binance Holdings Ltd regarding the case of Tigran Gambaryan. In a recent blog post on Binance’s website, CEO Richard Teng has spoken out, appealing to Nigeria to unconditionally free Gambaryan. Teng brought attention to the hardships endured by Gambaryan during his 70-day imprisonment in Nigerian jails, where he has been denied contact with his family.

As a crypto investor, I’d express it this way: “It’s alarming that inviting mid-level employees to collaborative policy meetings only to detain them sets a risky precedent for businesses globally. This action undermines trust and could discourage employee engagement.”

Previously reported by Coinspeaker, Gambaryan was joined by Nadeem Anjarwalla, the chief representative of Binance in Africa. However, during the observance of Ramadan, Anjarwalla left Nigeria.

What Is at Stake between Binance and Nigeria

As an analyst, I’ve noticed that Nigeria, being the most populous country in Africa with a growing acceptance of web3 and digital assets, has experienced a considerable depreciation of its local fiat currency, the Naira, against global markets recently. Based on the latest forex data available to me at the moment, the Naira was trading around 1,383 for one US dollar. The Nigerian authorities have attributed this economic downturn to the surge in cryptocurrency adoption within the country.

The Nigerian Securities and Exchange Commission (SEC) has announced a prohibition on unregulated cryptocurrency exchanges within its jurisdiction, as reported by Coinspeaker. Moreover, the SEC plans to forbid person-to-person (P2P) crypto transactions in Nigeria.

Binance has placed blame on the Nigerian Financial Intelligence Unit (NFIU) and the Economic and Financial Crimes Commission (EFCC) for not establishing adequate lines of communication.

Based on Teng’s report, Nigerian individuals requested Binance officials for payment settlings, which they refused. Binance has communicated that any financial dealings with the Nigerian government need to be formal and documented.

Tigran Gambaryan, a dear friend and professional acquaintance of mine, has been illegally held in custody by the Nigerian authorities for over two months now. We are diligently making efforts to secure his release and reunite him with us. #FreeTigranNow

For the first time publicly, I’m sharing the full context of this situation here. ⤵️

— Richard Teng (@_RichardTeng) May 7, 2024

Binance has requested the Nigerian authorities to provide specific and comprehensive accusations, involving all relevant agencies. Previous media outlets suggest that the Nigerian government aims to recover over $10 billion from Binance in the upcoming settlement, which is more than double the amount obtained in the US case.

As a crypto investor, I’ve noticed some significant developments regarding Binance and its former CEO, Changpeng Zhao. Recently, Zhao was sentenced to serve four months in prison after admitting guilt to money laundering allegations. Furthermore, Binance reached an agreement with the U.S. government to pay over $4 billion in fines.

Remedies to the Impasse

Over the past several months, the situation concerning Binance has grown more complex. In response, Teng revealed that Binance has held talks with both the British High Commission and the US Embassy. Additionally, Binance has removed all Naira trading pairs, including peer-to-peer trading, from its platform.

Following Nadeem’s departure from the illegal detention, events took a turn for the worse, as reported by Teng. However, Teng remains optimistic about the possibility of securing an unconditional release for Gambaryan from Nigerian authorities.

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2024-05-07 16:00