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The post <a href="https://coinpedia.org/news/u-s-state-department-investigates-after-binance-executive-detained-in-nigeria/">Nigeria Detains Binance Exec, Demands $150M Bribe: US Demands Answers!</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
In a gripping tale, an executive from Binance, an American, found himself captive in Nigeria, with captors demanding an eye-watering $150 million bribe. Tigran Gambaryan, the officer, endured a grueling 70-day captivity, facing charges of <a href="https://coinpedia.org/news/binance-moves-to-release-executive-before-nigerian-high-court-trial-on-april-4th/">tax evasion</a> and money laundering. While his colleague managed to flee, Gambaryan was apprehended near the location of Prince Harry and Meghan’s tour in Nigeria. 
The US State Department has launched an active investigation into Gambaryan’s case and assures ongoing communication with him, his family, and legal representatives. 
Sensational, right? Here’s the whole story. 
<h2 class="wp-block-heading" id="h-concerns-mount-over-binance-executive-s-detention">Concerns Mount Over Binance Executive’s Detention</h2> 
Expressing deep concerns about the safety and legal implications surrounding Gambaryan’s arrest, Binance CEO Richard Teng emphasized the suspicious circumstances under which it unfolded. 
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 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. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2935.png" alt="⤵" class="wp-smiley" style="height: 1em; max-height: 1em;"><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>
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According to Teng, Gambaryan was in Nigeria for a scheduled business meeting but was promptly detained upon his arrival by local authorities. This incident has raised serious questions regarding the safety of foreign nationals doing business in Nigeria, prompting calls for urgent diplomatic intervention to safeguard international business relations. 
Market Manipulation at Play? 
Amidst the controversy surrounding Gambaryan’s detention, Binance faced additional challenges with allegations of market manipulation on its exchange platform surfacing. Initial reports from Wall Street brought these accusations to light. However, Binance vehemently refuted the claims, asserting its adherence to stringent protocols aimed at preventing all forms of market abuse and its proactive stance in enforcing these regulations. 
Over the past three years, Binance has taken decisive action, terminating the accounts of approximately 355,000 users found to be in violation of its terms of service, collectively managing transactions exceeding $2.5 trillion. 
<h2 class="wp-block-heading" id="h-imf-urges-regulatory-framework-for-crypto">IMF Urges Regulatory Framework for Crypto</h2> 
In a related development, the <a href="https://coinpedia.org/cryptocurrency-regulation/crypto-regulation-in-nigeria-in-2024/">International Monetary Fund (IMF) </a>has advised Nigerian authorities to establish registration or licensing requirements for global cryptocurrency exchange platforms operating within its jurisdiction. This recommendation comes in the wake of the 2024 Article IV consultation with Nigeria, which focused on bolstering the country’s financial stability. 
Stressing the importance of investor protection and financial order, the IMF underscores the necessity for a robust regulatory framework to govern the crypto market. 
Also Check Out : <a href="https://coinpedia.org/news/binance-vs-nigeria-ceo-richard-teng-confronts-authorities-over-alleged-abuse-of-power/">Binance CEO Accuses Nigeria of Bribery, Misuse of Power in Crypto Crackdown</a> 
Does Gambaryan’s situation seem suspicious to you? Share your theories in the comments!

Nigeria Detains Binance Exec, Demands $150M Bribe: US Demands Answers!

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