Binance CEO Richard Teng demanded the release of exchange manager Tigran Gambaryan. In this context, he condemned Gambaryan’s unjust detention in Nigeria. Teng said Gambaryan was innocent and underlined his role in Binance’s compliance efforts. Meanwhile, Nigeria has decided to ban P2P crypto trading to protect its local currency. Regulators say crypto P2P traders are influencing the exchange rate of Naira.
Call for justice from Binance CEO
Binance CEO Richard Teng has taken a bold stance in the ongoing saga regarding the detention of Tigran Gambaryan, a dedicated member of the Binance team. Teng wrote a touching blog post. In this article, Teng emphasizes Gambaryan’s innocence and underlines the need for his immediate release. Notably, Gambaryan, a former US federal agent with a stellar record in fighting financial crimes, has been detained in Nigeria for over 70 days. Meanwhile, Richard Teng speaks highly of Gambaryan’s character and his contributions to Binance. In this context, it underlines its important role in leading efforts to combat financial abuses.
According to Binance CEO, despite his exemplary record and unwavering commitment to integrity, Gambaryan found himself caught up in a web of false claims and bureaucratic entanglements in Nigeria. Teng, meanwhile, laments the worrying precedent set by Gambaryan’s arrest. He warns about the chilling effect this will have on global business activities. In addition, he asked the Nigerian government to immediately release Gambaryan and restore his fundamental rights.
Nigeria decides to ban P2P crypto trading
Peer-to-peer platforms allow crypto investors to trade directly with each other, bypassing the need for a central intermediary. In these transactions, investors negotiate prices among themselves. The Director-General of the Nigerian Securities and Exchange Commission, Emomotimi Agama, announced that new regulations will be introduced “in the coming days” to oversee various aspects of the cryptocurrency industry, including crypto exchanges and digital asset custodians. Speaking on the development, Agama said:
What needs to be done is to move the naira out of the P2P space to avoid the level of manipulation that is currently taking place. Recent concerns regarding crypto P2P traders and their perceived influence on the naira exchange rate have highlighted the need for collective action.
cryptokoin.comAs you follow from , Nigeria recently banned Binance Holdings. It also arrested two of its executives after they visited the country in February. His last move came right after these developments. While one person escaped, the other, Tigran Gambaryan, was detained at the Kuje correctional center in Abuja. Gambaryan faces charges of tax evasion, foreign exchange speculation and money laundering. Gambaryan is scheduled to appear in court this month.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!