Binance chief urges the US government intervention and designate Gambaryan “unlawfully detained” overseas.
The Binance head, Richard Teng, on Tuesday August 28, spotlighted the crypto exchange’s track record of addressing regulatory issues globally. The chief, steering the largest crypto exchange by market volume, decries the six-month detention of executive Tigran Gambaryan, citing his deteriorating health.
Gambaryan leads the financial crime compliance and has been in detention since February 28. The executive was detained alongside the Africa regional head, Nadeem Anjarwalla, who managed to escape from the country.
Binance Chief Questions Executive’s Detention
The duo’s arrest arose following the order issued by the national security adviser, Nuhu Ribadu. The retired policeman who previously led the Nigeria anti-corruption agency authorized the arrest.
The Economic and Financial Crimes Commission (ETFCC) alleges that the duo, alongside crypto exchange Binance, executed specialized businesses without obtaining a valid license. The Gambaryan’s trial is slated to commence on Monday, September 2, per Reuters publication.
Teng post itemized the jurisdictions where Binance successfully resolved disputes involving regulatory violations. The chief executive considers the violations were resolved without the countries detaining the employees.
Teng lists the US and Thailand as countries where Binance settled the regulatory issues. Recently, the crypto exchanges agreed to resolve the problems in Brazil and India amicably.
Teng decries the absence of a collaborative and reasonable platform to resolve regulatory issues with Nigeria. The blog post indirectly urges Nigeria to reconsider resolving the problems without harming the employees.
Binance Not to Blame for Naira Depreciation
Earlier in August, Binance confirmed a settlement agreement with the Brazilian authorities to end the long-standing investigation into the operations within the South American country. Such coincides with the company securing the nod to offer services in India.
Teng’s post refutes allegations that link Binance to the economic issues experienced in Nigeria. In particular, he downplayed the exchange is responsible for the naira depreciation.
Instead, Teng considers the currency decline in value arising from the macroeconomic factors and decisions reached by the Nigerian government as the primary drivers of fluctuating Naira value.
Teng singled out the government’s decision to terminate Naira’s currency peg in mid-2023, which triggered the large decline in Naira’s history. The Binance CEO notes that Naira plunged from USD1:460 to USD1:900 by December. The slump has continued since then to shocking levels.
The Binance head urges the US government to intervene alongside the global advocacy to free Gambaryan on humanitarian grounds. Teng asks the US government to designate the executive as unlawfully detained overseas. He reiterates the need for political input and pressure to resolve the situation.
Teng’s criticism of the executive detention follows after the Gambaryan wife issued a public plea for the release. Yuki disclosed in the detailed update that the executive had suffered malaria bouts and pneumonia besides the mental toll in his six-month detention. The wife warns that Tigran is edging closer to the breaking point and requires urgent medical treatment to avert permanent damage.
Yuki Gambaryan reveals the six-month detention has plunged the family into a living nightmare filled with pleas. She pleaded to the US and Nigerian governments, the media, and any party listening.
Yuki emphasized pleading for mercy and understanding to release Gimbaryan for their humanity. Citing his innocence, Yuki urges the release now will help avert irreversible damage that would befall the executive.
Binance Scales Crypto Transactions in Africa
The standoff with the Nigerian government is not derailing Binance’s mission in Africa, particularly after unveiling the mobile money feature. The service allows users drawn from Zambia, Tanzania, Ghana, and Uganda to execute transactions through mobile money accounts.
Binance targets the initiative to enhance financial inclusion for the underbanked and unbanked populations.
The unveiling of the OCBS feature will facilitate the purchase and selling of crypto assets directly using mobile money accounts. The integration made possible through the Transfi partnership is a crucial milestone in efforts to broaden access to crypto assets.
Binance assured its devotion to security by deploying strict Know Your Customer (KYC) protocols. The protective measures seek to safeguard the users’ assets in compliance with the regulatory standards.
This initiative aligns with the crypto exchange Binance’ mission to enhance financial freedom globally. Additionally, the expansion is crucial to the ongoing mission of democratizing access to crypto and financial services. Such will broaden participation for more individuals within the digital economy.
Editorial credit: Muhammad Alimaki / Shutterstock.com
All trademarks, logos, and images displayed on this site belong to their respective owners and have been utilized under the Fair Use Act. The materials on this site should not be interpreted as financial advice. When we incorporate content from other sites, we ensure each author receives proper attribution by providing a link to the original content. This site might maintain financial affiliations with a selection of the brands and firms mentioned herein. As a result, we may receive compensation if our readers opt to click on these links within our content and subsequently register for the products or services on offer. However, we neither represent nor endorse these services, brands, or companies. Therefore, any disputes that may arise with the mentioned brands or companies need to be directly addressed with the respective parties involved. We urge our readers to exercise their own judgement when clicking on links within our content and ultimately signing up for any products or services. The responsibility lies solely with them. Please read our full disclaimer and terms of use policy here.