- Binance CEO Richard Teng emphasizes the urgent need for Tigran Gambaryan’s release.
- The exchange will not comply with Nigeria’s digital asset regulations until Tigran Gambaryan is released from custody.
Binance CEO, Richard Teng has said that the company is working so hard to bring Tigran Gambaryan back to his home. Binance’s head of financial crime compliance, Tigran Gambaryan, is currently imprisoned in Nigeria after being arrested on February 26, 2024. He faces serious charges of tax evasion and money laundering brought by the Economic and Financial Crimes Commission (EFCC).
While the Federal Inland Revenue Service (FIRS) of Nigeria has dropped the tax charges against the Binance executives. The company has been working to persuade Nigerian authorities. That Gambaryan is not in a position to make decisions for the firm and should be released promptly.
According to a recent report from Cointelegraph, Richard Teng, CEO of Binance, expressed grave concern over Gambaryan’s declining health. Teng stated that the company is actively pursuing all legal and political avenues to secure Gambaryan’s release, emphasizing the urgency of the matter.
Richard Teng in his official X post stated,
“This inhumane treatment of Tigran must end. He must be allowed to go home for medical treatment and to be with his family.”
As Binance continues its efforts, the outcome will be closely monitored by the broader crypto community. Which remains invested in the legal and ethical implications surrounding such high-profile cases.
Binance to Hold Off Nigerian Licensing
Binance has stated that it will not comply with Nigeria’s digital asset regulations until its detained executive, Tigran Gambaryan, is released from custody. Gambaryan’s arrest has become a focal point in the company’s ongoing negotiations with Nigerian authorities.
Following this, Binance emphasizes that Gambaryan’s detention complicates its ability to operate effectively in the region. The situation highlights cryptocurrency firms’ challenges in navigating complex regulatory landscapes, particularly when legal issues involve key executives. Binance’s stance underscores the urgency of securing Gambaryan’s release before progressing with compliance efforts.
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