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2024

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<p>The post <a href="https://coinpedia.org/news/binance-exec-denied-access-to-legal-counsel-by-nigerian-authorities/">Binance Exec Denied Access To Legal Counsel By Nigerian Authorities&nbsp;</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Tigran Gambaryan, a Binance executive and former United States federal agent <a href="https://coinpedia.org/crypto-live-news/binance-executive-tigran-gambaryan-detained-in-nigeria-amid-money-laundering-probe/" target="_blank" rel="noreferrer noopener">was detained</a> for alleged financial crimes amounting to $34 million relating to Binance’s operations in Nigeria. At the end of August, after he spent six months in detention in the African nation, there was an increased industry outcry for his release.</p> 
<p>Gambaryan’s legal trial in Nigeria has been pushed to September 2. Gambaryan’s latest court hearing is set to commence later today. The Binance executive was arrested in Nigeria in February 2024 for charges related to money laundering.</p> 
<h2 class="wp-block-heading" id="h-binance-ceo-concerned-over-the-irreversible-impacts"><strong>Binance CEO Concerned Over The ‘Irreversible Impacts’</strong></h2> 
<p>Gambaryan has been held by Nigerian authorities for six months, with his physical and mental health deteriorating rapidly, as per a previous <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 nofollow">statement </a>from Binance CEO Richard Teng. He stressed that despite Tigran being in severe pain and unable to walk, the Nigerian government has refused to provide him with necessary medical care.</p> 
<p>He further added- “The authorities are refusing to provide him access to his legal counsel, despite his trial commencing on September 2, which, we have been informed, is unconstitutional in Nigeria.” Teng stated that he was deeply concerned about the long-term, potentially irreversible physical and mental impact this horrific episode is having on Tigran.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-the-crucial-timely-release-nbsp"><strong>The Crucial Timely Release&nbsp;</strong></h2> 
<p>Gambaryan’s health is reportedly rapidly deteriorating, making his timely release crucial. The Binance executive’s family has raised concerns over Gambaryan’s worsening health conditions, which is due to prolonged medical negligence. Teng has also called for his release based on his worsening health conditions.</p> 
<p>Teng claimed that the reason the Nigerian government has used to justify continuing to hold Tigran was the prosecution counsel’s statement during a bail application hearing that “Binance is operating virtually. The only thing we have to hold on to is this defendant.”&nbsp;</p> 
<p>However, he stated- “there is no need to imprison an innocent employee to answer for any allegations against Binance. We have settled issues in countries around the world without threat or harm inflicted on our employees. “</p> 
<h2 class="wp-block-heading" id="h-the-decline-of-nigerian-naira"><strong>The Decline Of Nigerian ‘Naira’</strong></h2> 
<p>The Nigerian government is also blaming Binance for the decline of its fiat currency, the naira. However, the CEO in his statement included that it was not backed up by facts.</p> 
<p>Teng wrote- “We had been offering P2P services as a value-added service for our users wishing to get exposure to crypto during that time. The end of the Naira’s currency peg by the government in June 2023 caused the biggest fall in Naira’s history according to experts.” Binance noted that the fiat currency’s “downward trend continued” despite the exchange ceasing to offer peer-to-peer services in Nigeria in February 2024.</p> 
<h2 class="wp-block-heading" id="h-teng-urges-us-government-for-tigran-s-release"><strong>Teng Urges US Government For Tigran’s Release</strong></h2> 
<p>Teng has urged the U.S. government and organizations globally to exert political pressure to release Tigran Gambaryan on humanitarian grounds and to protest against Nigeria’s unjust detention practices Once the issues are resolved, he hopes to work with the Nigerian government to support the development of the Web3 industry and create more opportunities for its young, talented workforce.</p> 
<p><strong>Also Discover How the <a href="https://coinpedia.org/cryptocurrency-regulation/" target="_blank" rel="noreferrer noopener">laws &amp;&nbsp;regulations</a>&nbsp;affecting blockchain technology and&nbsp;cryptocurrencies, like Bitcoin, can impact its adoption.</strong></p>

Binance Exec Denied Access To Legal Counsel By Nigerian Authorities

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