Binance Executive Remains Detained In Nigeria Despite Efforts To Get Him Out

Binance faces legal troubles in Nigeria as an executive remains detained over money laundering accusations. The company is actively working to engage with Nigerian regulators to resolve the issue. The development comes after former CEO Changpeng Zhao pleaded guilty to a felony concerning his failure to stop money laundering on the platform which also cost the crypto exchange roughly $4 billion.

An International Incident

The cryptocurrency exchange has repeatedly emphasized that the detained executive, Tigran Gambaryan, who joined Binance in 2021 to aid in compliance matters, does not hold decision-making authority. Despite his background in law enforcement and advocacy for transparent financial practices, Binance argues against his culpability in the charges.

Gambaryan, recognized for his work in cybercrime investigations, played a vital role in the Binance Financial Crime Compliance team, contributing to asset recovery and policy development. Before joining Binance, he had a distinguished career as a U.S. Federal Agent handling serious criminal cases.

Bad To Worse

The legal situation for Binance in Nigeria is becoming more intricate with additional charges and the reported escape of another executive involved. Nevertheless, Binance persists in communicating with regulatory authorities. Despite these challenges, the market value of BNB, the native token of Binance, has remained steady, underscoring market resilience amidst the turmoil.

Regardless, the entire ordeal as well as the aforementioned ordeal with Changpeng Zhao has caused a significant drop in the popularity of Binance. Many payment processors, including Wise (formerly known as TransferWise), have removed the ability to buy and withdraw crypto via the exchange using their services.