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U.S. State Department Investigates After Binance Executive Detained in Nigeria

A Binance executive from America was held hostage in Nigeria, facing a bribe demand of $150M. The officer, Tigran Gambaryan, stayed captive for 70 days and was charged with tax evasion and money laundering. His colleague escaped, but he got arrested near Prince Harry and Meghan’s tour location in Nigeria. The US State Department said that they are actively investigating Gambarayan’s case.

They are in constant communication with him, his family, and the legal time, states the spokesperson of USSD. They pledge to help him through this prolonged detention, which has caused significant domestic and international concerns.

Binance CEO Raises Concerns Over Executive’s Detention

Binance CEO, Richard Teng has voiced significant concerns about the safety and legal implications of Gambarayan’s arrest as it occurred under suspicious circumstances. Teng says Gambarayan was invited to Nigeria for a business meeting but was detained by the local authorities as soon as he arrived.

Serious questions about the safety of foreign nationals engaging in Nigerian business have sparked amid this event. It pushed for a swift diplomatic resolution to mitigate the risks that international business relations carry with them. 

Amidst the Gambarayan detention controversy, Binance also had to confront charges of allowing market manipulation on its exchange platform. Initially Wall Street had reported these allegations. However, Binance has strongly denied the charges, stating that the company maintains strict protocols to prevent all kinds of market abuse and was proactive in enforcing its rules.

Over the last three years, Binance has successfully terminated the accounts of nearly 355,000 users. They were collectively handling transactions worth over $2.5 trillion and violated its terms of service.

IMF Calls for Enhanced Crypto Oversight in Nigeria

In a related news, the International Monetary Fund (IMF) has advised the Nigerian authority to create the requirements for registration or licensing for the global crypto exchange platforms that operate within its territory. In fact, this recommendation has followed the 2024 Article IV consultation with Nigeria. It was focussed on strengthening the financial stability of the country. The IMF also highlighted that in order to ensure investor protection and maintain financial order, a strong regulatory framework for the crypto market is an utmost necessity.

Also Check Out : Binance CEO Accuses Nigeria of Bribery, Misuse of Power in Crypto Crackdown

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