Nigerian authorities are investigating possible money laundering by a detained executive of Binance.
There is now no clear way out of the difficult legal situation in which Binance, one of the biggest cryptocurrency exchanges in the world, finds itself in Nigeria.
Tigran Gambaryan, an executive who has been in custody for more than a month on allegations of money laundering, has issued a statement on behalf of the firm.
In an effort to have this problem fixed, the corporation is trying to talk to the authorities in Nigeria. Gambaryan joined Binance in 2021 to help with compliance issues, but he does not have any decision-making authority, as Binance made clear.
Binance claims he is innocent of the allegations, despite his history in law enforcement and his work to promote open banking throughout the world.
As a member of Binance’s Financial Crime Compliance team, Gambaryan—who is well-known for his work investigating cybercrime—made important contributions to the recovery of assets and the formulation of policies.
New compliance requirements in the sector owe a great deal to his work. His distinguished experience as a United States Federal Agent, handling high-stakes criminal investigations, before his employment with Binance.
New accusations and the alleged flight of another executive have further complicated Binance’s legal predicament in Nigeria. Binance is still trying to contact with regulatory bodies, despite all these obstacles.
The stability of the exchange’s native coin, BNB, in the midst of the legal turbulence is a testament to the market’s tenacity.
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