Fun

Nigerian officials proposed secret crypto settlement, claims Binance CEO

News Feed - 2024-05-07 06:05:55

Gareth Jenkinson14 hours agoNigerian officials proposed secret crypto settlement, claims Binance CEOBinance CEO Richard Teng says the Nigerian government has set a dangerous precedent after inviting company executives to meetings before detaining them.3310 Total views21 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksNew details have emerged suggesting Nigerian officials tried to coerce Binance representatives into a secret settlement paid in cryptocurrency during meetings in early 2024.


Binance CEO Richard Teng issued a detailed account of Tigran Gambaryan’s ongoing detention on May 7. Gambaryan is a former United States Internal Revenue Service agent who headed up Binance’s financial crime compliance team.


Teng condemned the Nigerian government for its actions, claiming the country has “set a dangerous new precedent for all companies worldwide” after detaining two of its employees.


Related: Arrested Binance exec pleads not guilty to charges in Nigeria


Gambaryan, who is a highly regarded figure in global financial crime prevention, was detained while on a business trip to Nigeria. Teng outlined the exchange’s efforts to engage constructively with Nigerian authorities, including participation in regulatory discussions and cooperation with law enforcement agencies.Request for public hearing


According to Teng, Binance employees began discussions with Nigerian authorities during public investigative hearings following a request from the chairman of the House of Representatives Committee on Financial Crimes (HCFC).


The committee is reported to have highlighted issues related to Binance’s operations in Nigeria and outlined the lengths to which they were prepared to summon Binance, including issuing arrest warrants against the exchange’s team and CEO and preventing its delegation from leaving the country.


A public hearing was set for Jan. 10, and Binance was expected to respond to any allegations publicly in the presence of the petitioners, press and over 30 agencies.


Teng claimed that Binance had not received details of the allegations, and the delegation sought to submit responses in writing in the absence of a public hearing. The committee chair said it would consider the request and respond to Binance’s legal counsel.Secret crypto settlement


Binance’s CEO alleges that unknown persons approached the exchange’s employees and suggested making a payment in settlement of the allegations. Teng said Binance’s local counsel was handed over terms from an agent representing the HCFC committee:“Counsel reported back that he had been presented with a demand for a significant payment in cryptocurrency to be paid in secret within 48 hours to make these issues go away and that our decision was expected by the morning.”


The exchange declined the payment demand through its local legal representation and continued its engagement in the settlement negotiations. Binance put forward several demands following the incident as it prepared to continue discussions with Nigerian authorities.Binance’s conditions to continue engaging in settlement negotiations following allegations of an off-record settlement proposal. Source: Binance


Subsequent meetings were scheduled for late February, with a number of government representatives in attendance from the Office of The National Security Adviser, the Office of the President, the Central Bank of Nigeria, the Nigerian Financial Intelligence Unit, the Economic and Financial Crimes Commission and the Nigerian SEC.


Related: Binance and its detained US exec face more charges in Nigeria


“Despite the clear risks, Tigran Gambaryan and Nadeem Anjarwalla (head of Binance Africa) received multiple assurances that they would be granted safe passage for their meetings,” Teng said.Binance shuts down Nigerian services


The situation escalated when Nigerian officials demanded actions from Binance, including delisting the naira from their platform and providing detailed user information, resulting in the detention of Gambaryan and Anjarwalla.


Despite being given safety assurances, Binance asserts that the pair were held against their will, and their passports and mobile phones were confiscated. Gambaryan remains detained, with the Nigerian government insisting that his release is contingent on Binance’s compliance with its demands. 


Binance has responded by shutting down certain services in Nigeria, hoping to resolve the situation and secure Gambaryan’s release.


Magazine: Meme coins: Betrayal of crypto’s ideals… or its true purpose?# Nigeria# Binance# RegulationAdd reaction

News Feed

Ethereum Lags Behind Bitcoin In Q1 Performance Amid Market Downturn – Details
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Coinbase Launches Defi Yield Earning Service to Over 70 Countries, United States Not Included
Coinbase Launches Defi Yield Earning Service to Over 70 Countries, United States Not Included The cryptocurrency exchange Coinbase has revealed that it has made decentralized finan
Report: Bank of America Economist Predicts 20% Devaluation of the Nigerian Currency in 2023
Report: Bank of America Economist Predicts 20% Devaluation of the Nigerian Currency in 2023 A Bank of America economist, Tatonga Rusike, has said the Nigerian currency is overvalue
Crypto Market Outlook: VanEck Issues 10 Predictions, Including Bitcoin Nearing $200,000
Este artículo también está disponible en español. As speculation swirls around the future trajectory of Bitcoin (BTC) and the broader cryptocurrency market, asset managem
Is $4,000 Ethereum a distant dream? Futures premium plunge to 3-week low
Marcel Pechman6 hours agoIs $4,000 Ethereum a distant dream? Futures premium plunge to 3-week lowLack of enthusiasm toward cryptocurrencies comes from regulatory uncertainty, but there’s also some concern on the macroe
BTC price risks ‘double top’ — 5 things to know in Bitcoin this week
William Suberg14 hours agoBTC price risks ‘double top’ — 5 things to know in Bitcoin this weekBTC price disappoints with the weekly close, leading to accusations of a “dead cat bounce” from Bitcoin traders wary
Global Manhunt for Terra Luna Founder Do Kwon After Interpol Issues Red Notice
Global Manhunt for Terra Luna Founder Do Kwon After Interpol Issues Red Notice The global law enforcement agency the International Criminal Police Organization (Interpol), issued a
William Suberg9 hours agoBitcoin traders torn between breakout and $28K dip as BTC price stallsBTC price action keeps everyone guessing, while Bitcoin casually marks a major achievement on monthly timeframes.4973 Total v
Solana Active Addresses Surge To 832K Per Hour Outpacing Ethereum Amid TRUMP Meme Coin Hype
Este artículo también está disponible en español. Solana has been navigating a highly volatile market environment ever since the launch of the TRUMP meme coin, which has
Founder of Africa-Focused Media Firm Urges Continent’s Governments to Embrace Crypto
Founder of Africa-Focused Media Firm Urges Continent"s Governments to Embrace Crypto The founder of Africa-focused media and investment company Footprint to Africa, Osita Oparaugo,
Bitcoin Halving Theories: Whale Says Price Rise Is a ‘Nonsensical Narrative,’ Weiss Ratings Expects ‘Massive Crypto Superboom’
Bitcoin Halving Theories: Whale Says Price Rise Is a ‘Nonsensical Narrative,’ Weiss Ratings Expects ‘Massive Crypto Superboom’In less than two weeks, the Bitcoin block rewar
Square Enix President Talks NFTs, Metaverse, Blockchain Gaming in New Year’s Letter
Square Enix President Talks NFTs, Metaverse, Blockchain Gaming in New Year"s Letter Yosuke Matsuda, president of Square Enix, a leading game developing company, has voiced his opin