US Legislators Rally Behind Binance's Executive Detained in Nigeria
US lawmakers have accused Nigeria of holding a Binance executive hostage. The legislators have called for President Joe Biden to intervene and secure the executive's release, Bloomberg reported.In a recent letter, sixteen Republican congressmen, led by Michael McCaul, Chairman of the House Foreign Affairs Committee, urged President Biden to address the detention of Tigran Gambaryan, a US citizen and head of financial crime compliance at Binance. Gambaryan has been held in a Nigerian prison since April, following his detention during a trip to discuss Binance’s compliance issues with Nigerian authorities.Lawmakers' Allegations and Nigerian ResponseThe congressmen termed the charges against the detained executive baseless and a coercion tactic by the Nigerian government to extort Binance. They argue that Gambaryan’s detention qualifies him as a US citizen wrongfully detained by a foreign government.Nigerian Information Minister Mohammed Idris refuted these claims, saying that Gambaryan's detention complies with Nigerian law. Idris emphasized that the charges against Gambaryan include non-payment of taxes and aiding tax evasion through Binance’s platform.The confrontation began in February when Gambaryan and a colleague were detained during a visit to Nigeria. The meetings, initially professional, grew hostile, culminating in Gambaryan’s arrest. While his colleague managed to escape, Gambaryan was held at a guest house before formal charges were brought against him in April.Gambaryan faces charges alongside Binance for allegedly aiding customers in evading taxes and failing to pay value-added and corporate income taxes. He is currently held in Kuje Correctional Center, a high-security prison in Abuja. Concerns about his health have been raised after his court appearance was postponed due to illness. Broader Implications and Binance’s Legal TroublesThe detention of Gambaryan comes amid broader tensions between Binance and Nigerian authorities. The country had previously blocked access to cryptocurrency channels, blaming them for exacerbating the naira’s devaluation. Binance’s challenges extend beyond Nigeria. In the US, the firm’s founder, Changpeng Zhao, was sentenced to four months in prison for compliance failures. Additionally, Binance agreed to a $4.3 billion settlement in November to resolve US allegations of facilitating cybercrime and terrorism. This article was written by Jared Kirui at www.financemagnates.com.
FieNews 
US lawmakers have accused Nigeria of holding a Binance executive hostage. The legislators have called for President Joe Biden to intervene and secure the executive's release, Bloomberg reported.
In a recent letter, sixteen Republican congressmen, led by Michael McCaul, Chairman of the House Foreign Affairs Committee, urged President Biden to address the detention of Tigran Gambaryan, a US citizen and head of financial crime compliance at Binance. Gambaryan has been held in a Nigerian prison since April, following his detention during a trip to discuss Binance’s compliance issues with Nigerian authorities.
Lawmakers' Allegations and Nigerian Response
The congressmen termed the charges against the detained executive baseless and a coercion tactic by the Nigerian government to extort Binance. They argue that Gambaryan’s detention qualifies him as a US citizen wrongfully detained by a foreign government.
Nigerian Information Minister Mohammed Idris refuted these claims, saying that Gambaryan's detention complies with Nigerian law. Idris emphasized that the charges against Gambaryan include non-payment of taxes and aiding tax evasion through Binance’s platform.
The confrontation began in February when Gambaryan and a colleague were detained during a visit to Nigeria. The meetings, initially professional, grew hostile, culminating in Gambaryan’s arrest. While his colleague managed to escape, Gambaryan was held at a guest house before formal charges were brought against him in April.
Gambaryan faces charges alongside Binance for allegedly aiding customers in evading taxes and failing to pay value-added and corporate income taxes. He is currently held in Kuje Correctional Center, a high-security prison in Abuja. Concerns about his health have been raised after his court appearance was postponed due to illness.
Broader Implications and Binance’s Legal Troubles
The detention of Gambaryan comes amid broader tensions between Binance and Nigerian authorities. The country had previously blocked access to cryptocurrency channels, blaming them for exacerbating the naira’s devaluation.
Binance’s challenges extend beyond Nigeria. In the US, the firm’s founder, Changpeng Zhao, was sentenced to four months in prison for compliance failures. Additionally, Binance agreed to a $4.3 billion settlement in November to resolve US allegations of facilitating cybercrime and terrorism. This article was written by Jared Kirui at www.financemagnates.com.
