Richard

Future

Bank

Cryptocurrency

In a recent public statement, Binance CEO Richard Teng has voiced his concerns regarding the ongoing detention of Tigran Gambaryan, the <a href="https://insidebitcoins.com/buy-cryptocurrency/best-crypto-exchanges">crypto exchange’</a>s compliance officer, in Nigeria. This marks the first time Teng has publicly declared that Gambaryan, a U.S. citizen and former U.S. IRS Special Agent, is innocent and should be released immediately. Gambaryan, who has dedicated his career to combating financial crimes, was detained along with Nadeem Anjarwalla, Binance’s regional manager for Africa, upon their arrival in Abuja on February 26. The arrests occurred under accusations of illicit transaction profits by Binance, leading to criminal charges on February 28. Anjarwalla managed to escape custody on March 22. 
<h2 class="p1" id="binance-ceo-calls-for-immediate-release-of-colleague-detained-in-nigeria">Binance CEO Calls for Immediate Release of Colleague Detained in Nigeria</h2> 
Richard Teng criticized the Nigerian authorities for setting a dangerous precedent by detaining foreign corporate employees who were in Nigeria to discuss policy matters. He emphasized that Gambaryan was not in Nigeria as a decision-maker or negotiator but was there to provide expertise on financial crime. Teng further expressed his commitment to global regulatory compliance, which he strengthened upon his appointment as CEO in November, succeeding Changpeng Zhao. Zhao had previously admitted to failing to implement an effective anti-money laundering strategy and agreed to a $50 million settlement in the U.S. 
On the legal front, during a bail hearing on April 25, a prosecutor from <a href="https://www.efcc.gov.ng/efcc/">Nigeria’s Economic and Financial Crimes Commission</a> stressed the importance of detaining Gambaryan to exert control over <a href="https://www.binance.com/en">Binance</a>, despite his status as a mid-level, non-decision-making employee. Teng has been actively campaigning for Gambaryan’s release, underlining the wrongful nature of his detention and the imperative for him to return to his family. 
The backdrop to this incident involves broader regulatory issues that Binance has faced in Nigeria. <a href="https://sec.gov.ng/">The Nigerian Securities and Exchange Commission</a> had issued <a href="https://insidebitcoins.com/buy-cryptocurrency/best-crypto-presales">digital asset</a> regulations in May 2022, which Binance tried to comply with but faced challenges due to unclear guidelines and unresponsive officials. In June 2023, the SEC accused Binance of operating illegally, prompting the exchange to suspend the solicitation of Nigerian investors. The naira’s sharp decline had driven many to use Binance’s peer-to-peer platform, potentially affecting the local foreign exchange rates. Despite Teng’s efforts to cooperate by turning off certain features on Binance’s platform, the detentions persisted. 
Richard Teng’s recent actions demonstrate a clear commitment to resolving the crisis, stressing the need for a quick solution that would allow Gambaryan to return home, and for Binance to continue addressing issues with Nigeria’s law enforcement and tax authorities. The ongoing situation presents significant challenges not only for Binance but for all international companies operating in regions with complex regulatory environments. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 My friend and colleague, Tigran Gambaryan, has been unlawfully detained by the Nigerian government for more than 70 days. We're tirelessly working to <a href="https://twitter.com/hashtag/BringTigranHome?src=hash&amp;ref_src=twsrc%5Etfw">#BringTigranHome</a>. 
 For the first time publicly, I'm sharing the full context of this situation here. ⤵️<a href="https://t.co/Rg3DEYJZgW">https://t.co/Rg3DEYJZgW</a> 
 — Richard Teng (@_RichardTeng) <a href="https://twitter.com/_RichardTeng/status/1787755558587842740?ref_src=twsrc%5Etfw">May 7, 2024</a>
</blockquote> 
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Binance CEO Demands Release of Detained Compliance Officer in Nigeria

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