Binance Executive Detained in Nigeria US Calls for Release Will Biden Intervene

Key Points
– US leaders are pushing for intervention in the case of a Binance executive being detained in Nigeria.
– The executive, Gambaryan, is reportedly facing harsh conditions and lack of proper medical care.
– This situation highlights the ongoing struggle between cryptocurrency platforms and regulatory bodies, with allegations of extortion and disputes over user data.

A group of US politicians has called on President Joe Biden to address the situation of Figran Gambaryan, who is the head of financial crime compliance at Binance and has been held in Nigeria for over three months on charges of money laundering and tax evasion.

In a letter sent to President Biden on June 4, the politicians demanded Gambaryan’s release. The letter, signed by more than 12 politicians and shared by journalist Eleanor Terrett, asserts that Gambaryan, a former federal agent, is being unjustly detained. The politicians have urged the Special Presidential Envoy for Hostage Affairs to act promptly, accusing Nigerian authorities of using coercion to extort Binance and expressing concerns about Gambaryan’s declining health.

Gambaryan traveled to Nigeria on February 26 at the government’s invitation to address compliance issues at Binance. However, upon his arrival, he was arrested and is currently being held in Kuje Prison under tough conditions. There are reports of mistreatment, such as ignoring a court order to transfer him to a private hospital for malaria treatment. Additionally, Gambaryan can only communicate with his legal team in the presence of Nigerian armed guards.

Another Binance executive, Nadeem Anjarwalla, who faced similar charges, left Nigeria in March. The Nigerian government considers the case a matter of national security, demanding the removal of the naira currency from Binance’s platform and detailed information on all Nigerian users.

Binance CEO Richard Teng has accused unidentified Nigerian officials of requesting a $150 million cryptocurrency bribe to halt investigations, an allegation that Nigerian authorities have denied. Rabiu Ibrahim, a spokesperson for the Nigerian Information Ministry, has dismissed these claims as unfounded and accused Binance of attempting to interfere with legal proceedings.

Despite these challenges, Nigeria remains a significant player in the cryptocurrency investment world, with approximately $2.5 million raised from the country since last June. The continued detention of Gambaryan underscores the complex relationship between regulations and Nigeria’s expanding crypto market.

The appeal from US politicians to President Biden underscores the gravity of Tigran Gambaryan’s detention in Nigeria. This case raises fundamental questions about rights and regulations, illustrating the broader tensions between authorities and cryptocurrency platforms. Diplomatic intervention is crucial to resolving this issue and ensuring justice for all parties involved.

In conclusion, the human toll of crypto regulations is a pressing issue that demands attention. What are your thoughts on this matter?

Related: Binance Plans to Introduce 50 New Crypto Trading Pairs for Spot Copy Trading
Tags: Binance, Crypto Regulations

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