Binance CEO Rejects Alleged Crypto Settlement Proposal from Nigerian Officials: Impact on BNB Coin

• Binance CEO Richard Teng recently denounced the Nigerian authorities’ abuse of power and mistreatment of the crypto exchange executives, including still-detained Tigran Gambaryan.
• Teng considers it’s time to highlight the implications of the saga between the crypto exchange and the Nigerian regulators on behalf of the business community.
• The tension between the crypto exchange and Nigerian authorities has increased since the arrest of Gambaryan and the Head of Binance Africa, Nadeem Anjarwalla.

Binance CEO Richard Teng sheds light on the ongoing saga between the crypto exchange and Nigerian authorities, highlighting the implications for the global business community.

Binance’s Point Of View

On Tuesday, Richard Teng shared his concerns about the country’s crackdown on the platform and its executives. In a Binance Blog post, the CEO discussed the timeline of the Binance vs Nigeria saga from the exchange’s point of view. Teng provided the facts so that the global community’s perception may not be distorted unfairly.

The Saga Begins

According to the detailed timeline, this saga began in 2022, when Nigeria’s Securities and Exchange Commission (SEC) published new regulations requiring crypto exchanges operating in the country to obtain SEC permits and comply with specific requirements. The exchange claims to have “proactively reached out” several times seeking practical guidance. However, the Nigerian regulator allegedly did not respond to Binance’s questions.

Is Nigeria’s Crackdown Setting A Dangerous Precedent?

In February, the exchange’s local advisors suggested having a reunion with the director of the Office of National Security Advisor (ONSA). Nonetheless, it was during this reunion that Gambaryan and Anjarwalla were taken “as guests” by Nigerian authorities and “were accused personally of holding responsibility for the state of the naira and the overall economy, and allegations of terrorist financing and money laundering.”

Conclusion

Ultimately, the CEO considers inviting mid-level employees under pretenses only to detain them “has set a dangerous new precedent for all companies worldwide.” The ongoing saga between Binance and Nigerian authorities continues to unfold, setting a potentially worrying precedent for the global business community.