The Chief Executive Officer of Binance, Richard Teng, has demanded the release Tigran Gambaryan, one of his employees, who is standing trial in Nigeria.
Teng was quoted by a news report on Tuesday that the Nigerian government had no valid reason to detain an innocent employee to advance discussions on outstanding issues.
According to him, “one reason the Nigerian government has cited for continuing to hold Tigran is that ‘Binance is operating virtually. The only thing we have to hold on to is this defendant.’ This statement is far from the truth.
There is no need to imprison an innocent employee to address any allegations against Binance. “We have resolved issues in countries around the world, including the US, Thailand, and most recently in Brazil and India, in a reasonable, collaborative, and amicable manner with governments.
All of this was done without threat or harm inflicted on any of our employees. There is no valid reason to hold an innocent employee to further discussions on outstanding issues.”
He also denied that his company was responsible for the currency decline in Nigeria. He said: “Another claim made by the Nigerian government is that Binance was responsible for its currency decline. To anyone paying attention, this is not supported by facts.
“Between 2021 and the end of 2022, the naira traded within a relatively narrrange of USD1:380 to USD1:440. We offered P2P services as a value-added service for our users wishing to gain exposure to crypto during that period.”
“The end of the naira’s currency peg by the government in June 2023 caused the biggest fall in the naira’s history, according to experts. It went from USD1:460 in June 2023 to USD1:900 by the end of 2023. The downward trend has continued since.
The naira traded at a recent low of USD1:1,660 on 31 July 2024, representing a 50 per cent decline from the start of 2024.” “This downward trend persisted despite Binance ceasing to offer P2P services in the country in February 2024.
As economists have more elegantly explained, the movement of a country’s currency is attributable to various macroeconomic factors.”
| Posted: at | |
TRENDING GISTS 
Tension Rise Again In Plateau As Bandits Attack Market, Kidnap Five And Steal Goods
Portable Reveals He Made N70M in Three Days After Fight With Speed Darlington (Video)
VIDEO: Man Caught While Waiting For a Minor he Had Solicited S£x From Online
Rapper, Phyno Unveils His Daughter, Shares Adorable Video to Mark Her Second Birthday
Ex Madrid Player, Xabi Alonso Seals Managerial Move To Real Madrid As Ancelotti Bows Out
Retired Teacher, Mallam Kabiru Killed, Wife Abducted As Bandits Invade Zamfara School Quarters
Army Busts Gunrunning Syndicate in Plateau, Two Arrested With AK-47 (Photos)
Ringside Rumble? Fans Hype Possible Boxing Showdown Between Small Doctor And Portable