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Binance Executive Detained in Nigeria Amid Ongoing Crypto-Currency Crisis

Algoine News
Summary:
Facing additional charges in Nigeria, global cryptocurrency exchange Binance's US-based executive, Tigran Gambaryan, remains in detention. This development follows Binance's unsuccessful attempt to negotiate with local regulators over claims that the exchange contributed to a crash in the Nigerian naira in February 2024. The standoff continues despite Binance's plea for Gambaryan's release, stating that discussions between the company and Nigerian officials are still ongoing.
Binance, a leading global cryptocurrency exchange, is facing further difficulties in Nigeria where its US-based executive, Tigran Gambaryan, is currently being held. The Nigerian government has levied additional accusations against Binance even as the exchange continues its attempts to negotiate with local regulators, as noted by The Wall Street Journal on April 3. Regulators in Nigeria have previously held Binance responsible for the depreciation of the national fiat currency, the Nigerian naira, in February of 2024, leading to active engagement between the exchange and the authorities. Presidential advisor on information and strategy, Bayo Onanuga, has suggested the complete prohibition of platforms such as Binance in the country. Following the hinted prohibition, Binance sent two high-ranking executives, including Gambaryan and Nadeem Anjarwalla, to Nigeria to seek resolution with the local authorities. Despite Binance's immediate action to discontinue all naira transactions and halt peer-to-peer naira dealings in February, both executives have been detained. The Wall Street Journal's report on the additional charges coincided with a fresh statement from Binance, urging the Nigerian government to release Gambaryan. The exchange maintained that as one of the decision-makers within the company, Gambaryan shouldn't be held accountable while discussions between Binance and Nigerian officials are still underway. More details will be provided as this story unfolds.

Published At

4/3/2024 3:53:12 PM

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