- The executive of Binance was taken into custody in Nigeria in February 2024.
- The family of the executive has expressed their worries over Gambaryan’s health.
As the cryptocurrency sector anxiously awaits a verdict, the Nigerian court has rescheduled the trial of Tigran Gambaryan, a former US federal agent and executive of crypto exchange Binance, until September 2. Later afternoon, the most recent court hearing involving Gambaryan will begin. The executive of Binance was taken into custody in Nigeria in February 2024 on suspicion of money laundering allegations.
Binance CEO Richard Teng made a declaration on August 27 that the executive still does not have access to his legal team. Which is concering for the result of the hearing.
Deteriorating Health
The detention of Gambaryan was prompted by allegations of $34 million in financial crimes. That were allegedly connected to Binance’s activities in Nigeria. At the end of August, after his six months of captivity in the country, the industry’s demands for his release became stronger.
Reportedly, the family of the executive has expressed their worries that Gambaryan’s health is quickly declining. Thus it is vital that he gets released as soon as possible.
In light of his deteriorating health, Binance exchange CEO Richard Teng has also demanded his release. The whole list of charges against the executive is lengthy and complicated. But the government of Nigeria is also pointing fingers at the biggest exchange in the world for the depreciation of the naira, its fiat currency.
Teng said that the Nigerian government has blamed Binance for the naira’s depreciation in June 2023. As of July 31, 2024, the value of the naira has dropped by more than 50%. Trading at a low of $1 to 1,660 nairas.
Even though Binance stopped providing P2P services in Nigeria in February 2024, the “downward trend continued” for the fiat currency, the exchange pointed out.
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