WEB3
by Soumen Datta
September 19, 2024
The cryptocurrency exchange demands the release of its detained executive, Tigran Gambaryan, and a resolution of ongoing legal disputes with the Nigerian government.
Binance declared that it will not consider complying with Nigeria’s digital asset regulations until Tigran Gambaryan, its detained executive, is released from custody, according to a recent report from Nigerian media outlet, Nairametrics.
Binance’s position comes as Nigeria’s Securities and Exchange Commission (SEC) has introduced a new regulatory framework aimed at integrating cryptocurrency platforms into the country’s financial oversight.
This framework, known as the Accelerated Regulatory Incubation Programme (ARIP), requires virtual asset service providers (VASPs) to open offices in Nigeria and adhere to specific regulations.
In an exclusive interview with Nairametrics, a Binance spokesperson explained that compliance with these regulations is contingent upon resolving legal issues in Nigeria.
The spokesperson outlined two conditions that must be fulfilled:
Release of Tigran Gambaryan: Binance insists that Gambaryan, who has been detained in Nigeria, must be released before the company can consider applying for registration under the SEC’s framework.
The ARIP framework, introduced by the SEC, aims to regulate VASPs and token issuers operating in Nigeria. It offers an “Approval-in-Principle” as a precursor to full licensing, with a key requirement being the establishment of a local office.
Earlier this year, the SEC granted approval to two crypto exchanges, Quidax and Busha, under this new scheme.
However, Binance has not yet complied with these regulations. According to Nairametrics, a SEC spokesperson said Binance has been reluctant to register. This is partly due to Nigerians still having access to Binance's platform, albeit with restrictions on bank transfers.
Gambaryan, a former U.S. law enforcement officer, was arrested in Nigeria earlier this year. His detention has become a focal point in the diplomatic relationship between the U.S. and Nigeria.
Binance CEO Richard Teng has publicly criticized Gambaryan’s detention, describing it as unjust and detrimental to his health. Teng has called for Gambaryan’s release on humanitarian grounds and highlighted the ongoing diplomatic efforts by U.S. officials to secure his freedom.
The Binance CEO also indicated that Binance is exploring various avenues, including legal and political efforts, to secure Gambaryan’s release.
The U.S. government has also been involved, with Secretary of State Antony J. Blinken and other officials advocating for Gambaryan’s release. The situation has led to heightened tensions, with concerns that the prolonged detention could strain relations between the U.S. and Nigeria.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
Author
Soumen Datta
Soumen is an experienced writer in cryptocurrencies, DeFi, NFTs, and GameFi. He has been analyzing the space for the last several years and believes there is a lot of potential with blockchain technology, even though we are still at an early stage. In his spare time, Soumen enjoys playing his guitar and singing along. Soumen holds bags in BTC, ETH, BNB, MATIC, and ADA.
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