Binance Executive Still Detained in Nigeria: CEO’s Efforts to Secure Release

Binance’s legal troubles continue as one of their executives remains imprisoned in Nigeria. Tigran Gambaryan, the head of financial crime compliance at Binance, is facing charges of money laundering totaling $35.4 million. Despite efforts from Binance’s new CEO, Richard Teng, to negotiate his release, Gambaryan is still behind bars.

The Economic and Financial Crimes Commission (EFCC) in Nigeria has accused Gambaryan and another executive of laundering funds from Binance’s operations in the country. The executives have been detained and declared guilty, with Gambaryan’s bail application facing delays in court.

Richard Teng’s intervention in the situation has brought attention to the ongoing discussions with Nigerian officials. Teng emphasized the importance of resolving the matter and working closely with authorities to secure Gambaryan’s release.

The next hearing for Gambaryan’s case is scheduled for April 22, amidst challenges such as the devaluation of the Naira and additional lawsuits for tax evasion. The outcome of this case will not only impact Gambaryan’s future but also influence cryptocurrency regulations in Nigeria, Africa’s largest economy. Stay tuned for updates on this developing story.