Richard

On Tuesday, Binance CEO Richard Teng highlighted the company’s successful history of resolving global regulatory issues without affecting its employees. This statement comes amid growing concerns about the health of Binance executive Tigran Gambaryan, who has been detained in Nigeria for nearly six months. 
Gambaryan, who leads financial crime compliance at Binance, and Nadeem Anjarwalla, the exchange’s regional head for Africa, <a href="https://www.cryptotimes.io/2024/02/29/nigerian-authorities-detain-two-senior-binance-executives/" target="_blank" rel="noreferrer noopener">were arrested</a> on February 28 under the directive of Nuhu Ribadu, Nigeria’s national security adviser. The Economic and Financial Crimes Commission (EFCC) accused them and Binance of operating without a valid license, leading to their prolonged detention. 
As Gambaryan’s trial approaches on September 2, Teng reiterated Binance’s commitment to resolving regulatory matters through collaboration, <a href="https://www.binance.com/en/blog/leadership/from-richard-teng-binance-ceo-tigrans-deteriorating-condition-after-6-months-of-unjust-detention-426448993678618773?hl=en" target="_blank" rel="noopener">citing</a> recent settlements with authorities in the U.S., Thailand, Brazil, and India. Teng emphasized that these resolutions were achieved without causing harm to employees, contrasting the current situation in Nigeria. 
In addition to addressing regulatory issues, Teng refuted claims that Binance’s activities were responsible for Nigeria’s economic troubles, particularly the steep decline in the Naira’s value. He attributed the currency’s depreciation to broader macroeconomic factors and government decisions, notably the removal of the Naira’s currency peg in June 2023, which led to a significant fall in its value. 
The Binance CEO has <a href="https://www.binance.com/en/blog/leadership/from-richard-teng-binance-ceo-tigrans-deteriorating-condition-after-6-months-of-unjust-detention-426448993678618773?hl=en" target="_blank" rel="noreferrer noopener">called</a> for international intervention to secure Gambaryan’s release on humanitarian grounds. He urged the U.S. government to designate Gambaryan as an “unlawfully detained” citizen to apply political pressure for his release. Teng’s plea comes amid distressing reports about Gambaryan’s deteriorating health, with his wife, Yuki Gambaryan, publicly <a href="https://www.cryptotimes.io/2024/08/12/family-pleads-for-release-of-ailing-binance-exec-in-nigeria/">pleading for his release</a>. 
Yuki Gambaryan shared her husband’s dire condition, noting that he is suffering from malaria, pneumonia, and severe mental stress. She emphasized the urgency of his situation, calling for immediate medical treatment to prevent irreversible damage.&nbsp; 
For the past six months, the Gambaryan family has faced a “living nightmare,” making desperate appeals to governments, media, and the public. Yuki Gambaryan’s heartfelt plea underscores the urgent need for humanitarian intervention to resolve this distressing case.

Binance CEO Calls for US Intervention Before Nigerian Trial

The Crypto Times

Other articles published on Aug 27, 2024

Dubai Court Recognizes Cryptocurrency Salary Payments as Legally Valid

Vitalik Buterin Ethereum (ETH) Backing Gives Timely Boost to Price. Solana (SOL) Regains Green St...

Vitalik Buterin Highlights Ethereum Roadmap Progress, ETH Price Set For $5000

Trump Unveils Exclusive Fourth NFT Collection with Unique Perks

A simple guide to applying for a U.S. visa in Nigeria using the new service provider

TRB price prediction 2024-2030: Will Tellor reach $500?

Join our free newsletter for daily crypto updates!