Binance vs Nigeria: CEO Disputes Claims, Highlights Naira’s Fall

• Binance CEO rejects the Nigerian authorities’s allegations towards the change.
• Richard Teng criticizes Nigeria’s lack of concern for Gambaryan regardless of his extreme well being situations.
• Teng states that Binance’s whole transaction quantity from 2023 is $21 billion.

Binance CEO Richard Teng just lately pushed again towards the Nigerian authorities’s accusations towards the change. The trial is ready for September 2, 2024. Teng strongly disagrees with the federal government’s claims of Binance’s $26 billion income, arguing that $21.6 billion represents its whole transaction quantity from 2023.

In an official weblog put up, Teng expressed considerations in regards to the deteriorating well being of Tigran Gambaryan, the Binance govt detained by the Nigerian authorities. Teng’s statements got here earlier than the upcoming trial for Binance and its executives, Gambaryan and Nadeem Anjarwalla, who had been arrested in Abuja concerning Binance’s alleged illicit movement of $26 billion.

Many, together with political leaders and Gambaryan’s household, have highlighted that Gambaryan is going through extreme well being points. Regardless of a courtroom order for ample medical assist, Gambaryan is allegedly being held with out correct consideration. Studies point out he wants specialised surgical procedure for a herniated disk in his again.

Highlighting Gambaryan’s worsening well being and the influence of his detention, Teng said:

“I’m deeply involved in regards to the long-term, doubtlessly irreversible bodily and psychological influence this horrific episode is having on Tigran, and I attraction as soon as once more for the Nigerian authorities to permit him to go dwelling to his household on humanitarian grounds in order that he can search the suitable medical therapy within the US, get well and get again to the wholesome, energetic life he beforehand had.”

He additional argued towards the Nigerian authorities’s claims, calling them “removed from the reality.” He questioned the authority’s justification for holding Gambaryan, asserting that Binance has already confronted and settled authorized points within the US, Thailand, India, and lots of different international locations. He added that these governments haven’t threatened or harmed harmless staff.

To disprove the federal government’s statements, Teng identified that Nigeria was not an enormous marketplace for Binance. Whereas Nigeria has alleged Binance of partaking in illicit flows, Teng reiterated that the platform’s income comes from the decrease transaction charges that it collects from merchants.

Furthermore, in response to Nigeria’s claims that Binance is accountable for the Naira’s worth decline, Teng referenced specialists’ opinions. He said that the autumn of Nigeria’s foreign money started with the federal government’s choice to finish the Naira’s peg and isn’t related to Binance.