Summary of Binance CEO’s Defense Against Regulatory Crackdown
The CEO of Binance, Richard Teng, recently highlighted the company’s success in resolving regulatory issues globally without implicating employees, as one of its top executives, Tigran Gambaryan, faces detention. Gambaryan, who oversees financial crime compliance at Binance, has been held since February 28, along with the exchange’s Africa regional head, Nadeem Anjarwalla. The arrests were made at the behest of the national security adviser of the country, Nigeria. The country’s Economic and Financial Crimes Commission (EFCC) accused both men and Binance of conducting financial operations without the necessary licenses.
In response to the situation, Teng pointed out how Binance has managed to resolve similar disputes in various countries without any harm to its employees. The CEO also rebutted allegations connecting Binance to issues in Nigeria’s economy, such as the depreciation of the Naira, attributing these to larger economic forces. Teng has urged the U.S. to intervene and secure Gambaryan’s release on humanitarian grounds.
Binance’s Track Record in Regulatory Disputes
- CEO Richard Teng highlighted the company’s success in resolving regulatory issues globally.
- Tigran Gambaryan, head of financial crime compliance, has been detained for six months.
- Arrests were made on the orders of Nigeria’s national security adviser.
Binance’s Global Response
- Binance has resolved similar disputes without implicating employees in the US, Thailand, Brazil, and India.
- A recent settlement in Brazil and approval to continue in India showcase Binance’s collaborative approach with governments.
Disputing Allegations
- Teng refuted claims linking Binance to Nigeria’s economic issues, particularly the decline of the Naira.
- He attributed the Naira’s depreciation to macroeconomic factors and government decisions.
Appeal for U.S. Intervention
- Teng appealed for U.S. assistance to secure Gambaryan’s release on humanitarian grounds.
- He urged the US government to designate Gambaryan as an “unlawfully detained” citizen overseas.
Hot Take: Advocating for Justice
In light of the situation faced by Binance executive Tigran Gambaryan, it is crucial to advocate for justice and humanitarian treatment of individuals affected by regulatory crackdowns. The CEO’s call for global support and intervention underscores the importance of standing up for those unjustly detained.
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