- Binance CEO, Richard Teng, has called for the release of exchange manager Tigran Gambaryan, condemning his unjust detention in Nigeria.
- Teng asserted Gambaryan’s innocence and highlighted his role in Binance’s compliance efforts.
- Meanwhile, Nigeria has decided to ban P2P crypto trading in a bid to protect its local currency.
Richard Teng, CEO of Binance, has made a bold stand in the ongoing saga involving the detention of Tigran Gambaryan, a special member of the Binance team, in Nigeria. Meanwhile, Nigeria has decided to ban P2P crypto trading, citing its impact on the exchange rate of the Naira.
Binance CEO Calls for Justice
Richard Teng, CEO of Binance, has taken a bold stand in the ongoing saga involving the detention of Tigran Gambaryan, a special member of the Binance team. In a touching blog post, Teng emphasizes Gambaryan’s innocence and underlines the need for his immediate release. Gambaryan, a former U.S. federal agent with a stellar past in combating financial crimes, has been detained in Nigeria for over 70 days. Teng speaks highly of Gambaryan’s character and contributions to Binance, highlighting his crucial role in leading efforts to combat financial abuses.
Nigeria Decides to Ban P2P Crypto Trading
Peer-to-peer platforms allow crypto investors to bypass the need for a central intermediary and trade directly with each other. In these transactions, investors negotiate prices among themselves. Emomotimi Agama, the Director-General of the Nigerian Securities and Exchange Commission, announced that new regulations will be introduced “in the coming days” to oversee various aspects of the crypto sector, including crypto exchanges and digital asset custodians. Agama stated, “The needful thing to do is to remove the naira from the P2P space to avoid the level of manipulation currently happening. Recent concerns about crypto P2P traders and their perceived effects on the naira exchange rate underscored the need for collective action.”
Conclusion
The ongoing saga involving the detention of Tigran Gambaryan and the decision of the Nigerian government to ban P2P crypto trading are significant developments in the crypto space. These events highlight the challenges that crypto companies face in different jurisdictions and the need for clear and fair regulations. As the situation continues to unfold, it will be interesting to see how Binance and other crypto companies navigate these challenges.
