August 27, 2024
Binance is grappling with serious legal issues as one of its key executives remains detained in Nigeria. Richard Teng, CEO of Binance, has called for global support in light of deteriorating health conditions faced by Tigran Gambaryan, who is currently in custody.
Gambaryan, head of financial crime compliance at Binance, has been detained since February 28 due to allegations of operating without necessary licenses in Nigeria. The Economic and Financial Crimes Commission (EFCC) has charged Gambaryan and Nadeem Anjarwalla, the regional head for Africa, under orders from Nigeria’s national security adviser, Nuhu Ribadu. Gambaryan’s health is reportedly worsening, with his trial scheduled to begin on September 2.
In response to the crisis, CEO Richard Teng has highlighted Binance’s commitment to resolving regulatory issues while ensuring the safety of its employees. Teng noted that Binance has successfully addressed regulatory challenges in various countries, including the United States, Thailand, Brazil, and India, without resorting to imprisonment for its employees.
Teng also refuted claims that Binance’s operations are linked to Nigeria’s economic struggles, particularly the decline of the Naira. He attributed the currency’s volatility to broader macroeconomic factors and significant government decisions, such as the removal of the Naira’s currency peg in June 2023.
In light of Gambaryan’s situation, Teng has urged the U.S. government to intervene, advocating for Gambaryan’s release on humanitarian grounds. Gambaryan’s wife, Yuki, has also made a heartfelt appeal for her husband’s release, emphasizing the urgent need for medical care.
As Binance faces these legal and humanitarian challenges, the outcome of Gambaryan’s case and the response from global authorities could significantly impact both the exchange and the broader cryptocurrency industry.
The resolution of these issues will be crucial for Binance as it navigates its future amid ongoing regulatory scrutiny and operational difficulties.
