Crypto Trading Ban from Nigeria! Binance CEO Made a Statement!

Crypto Trading Ban from Nigeria! Binance CEO Made a Statement!
Crypto Trading Ban from Nigeria! Binance CEO Made a Statement!

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Binance CEO Richard Teng demanded the release of exchange executive Tigran Gambaryan. In this regard, he condemned Gambaryan’s unjust detention in Nigeria. Teng said Gambaryan is innocent and highlighted Binance’s role in the harmonization efforts. Meanwhile, Nigeria decided to ban P2P crypto trading to protect the local currency. Regulators say crypto P2P traders are affecting the Naira’s exchange rate.

Binance CEO calls for justice

Binance CEO Richard Teng has taken a bold stance in the ongoing saga surrounding the detention of Tigran Gambaryan, a dedicated member of the Binance team. Teng penned a poignant blog post. In it, Teng emphasizes Gambaryan’s innocence and highlights the need for his immediate release. Notably, Gambaryan, a former US federal agent with a brilliant track record in fighting financial crimes, has been detained in Nigeria for over 70 days. Meanwhile, Richard Teng praises Gambaryan’s character and contributions to Binance. In this regard, he highlights his important role in spearheading efforts to combat financial misconduct.

According to the Binance CEO, despite his exemplary track record and unwavering commitment to integrity, Gambaryan found himself embroiled in a Nigerian network riddled with false allegations and bureaucratic entanglements. Teng, meanwhile, laments the worrying precedent set by Gambaryan’s arrest. He warns of its chilling effect on global business activity. In addition, he asked the Nigerian government to immediately release Gambaryan and restore his fundamental rights.

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Nigeria decides to ban P2P crypto trading

Peer-to-peer platforms allow crypto traders to trade directly with each other, bypassing the need for a centralized 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 sector, including crypto exchanges and digital asset custodians. Speaking on the development, Agama said:

What needs to be done is to take the naira out of the P2P space to avoid the level of manipulation that is happening now. Recent concerns over crypto P2P traders and their perceived impact on the naira exchange rate have underscored the need for collective action.

As you have been following from, Nigeria recently banned Binance Holdings. It also arrested two of its executives after they visited the country in February. Its latest move came right after these developments. While one escaped, the other, Tigran Gambaryan, was detained at the Kuje correctional center in Abuja. Gambaryan faces charges of tax evasion, currency speculation and money laundering. Gambaryan is scheduled to appear in court this month.

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Crypto Trading Ban from Nigeria! Binance CEO Made a Statement!