Nigeria\u2019s crackdown on Binance adds to its recent battles<\/a> as the exchange struggles to become compliant in key jurisdictions. This comes after the US Justice Department fined the exchange $4.3 billion for criminal culpability. The then CEO Changpeng Zhao was forced to resign and is personally facing criminal charges in the US.<\/p>\n\n\n\n Recently, Nigeria detained two Binance executives as the country continues to implement financial market reforms under President Bola Tinumbu. Their retention saw Binance stop naira trading in Bitcoin and Tether.<\/p>\n","post_title":"Binance In A Fresh Legal Battle As Nigeria Summons CEO Over $26M In \u201cSuspicious Flows\u201d","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-in-a-fresh-legal-battle-as-nigeria-summons-ceo-over-26m-in-suspicious-flows","to_ping":"","pinged":"","post_modified":"2024-03-08 01:38:22","post_modified_gmt":"2024-03-07 14:38:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/strong><\/em> Bloxmith Launches Raiders Rumble, A Mobile Strategy Game for Both Web2 and Web3 Gamers, on the Flow Blockchain<\/a><\/p>\n\n\n\n Nigeria\u2019s crackdown on Binance adds to its recent battles<\/a> as the exchange struggles to become compliant in key jurisdictions. This comes after the US Justice Department fined the exchange $4.3 billion for criminal culpability. The then CEO Changpeng Zhao was forced to resign and is personally facing criminal charges in the US.<\/p>\n\n\n\n Recently, Nigeria detained two Binance executives as the country continues to implement financial market reforms under President Bola Tinumbu. Their retention saw Binance stop naira trading in Bitcoin and Tether.<\/p>\n","post_title":"Binance In A Fresh Legal Battle As Nigeria Summons CEO Over $26M In \u201cSuspicious Flows\u201d","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-in-a-fresh-legal-battle-as-nigeria-summons-ceo-over-26m-in-suspicious-flows","to_ping":"","pinged":"","post_modified":"2024-03-08 01:38:22","post_modified_gmt":"2024-03-07 14:38:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In addition to illegal operations, Nigeria accuses Binance of playing a role in the weakness of its local currency, naira. Authorities say Binance allowed criminals to engage in unlawful parallel crypto forex trading, which weakened its currency. <\/p>\n\n\n\n See Related:<\/strong><\/em> Bloxmith Launches Raiders Rumble, A Mobile Strategy Game for Both Web2 and Web3 Gamers, on the Flow Blockchain<\/a><\/p>\n\n\n\n Nigeria\u2019s crackdown on Binance adds to its recent battles<\/a> as the exchange struggles to become compliant in key jurisdictions. This comes after the US Justice Department fined the exchange $4.3 billion for criminal culpability. The then CEO Changpeng Zhao was forced to resign and is personally facing criminal charges in the US.<\/p>\n\n\n\n Recently, Nigeria detained two Binance executives as the country continues to implement financial market reforms under President Bola Tinumbu. Their retention saw Binance stop naira trading in Bitcoin and Tether.<\/p>\n","post_title":"Binance In A Fresh Legal Battle As Nigeria Summons CEO Over $26M In \u201cSuspicious Flows\u201d","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-in-a-fresh-legal-battle-as-nigeria-summons-ceo-over-26m-in-suspicious-flows","to_ping":"","pinged":"","post_modified":"2024-03-08 01:38:22","post_modified_gmt":"2024-03-07 14:38:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
\u201cYou cannot run a company with over 10 million Nigerians on your platform without paying tax and having a physical office where Nigerians can lodge their complaints when they experience any challenge with your service. The era of exploitation is over, and all culprits must be held accountable.\u201d<\/em><\/p>\n\n\n\n In addition to illegal operations, Nigeria accuses Binance of playing a role in the weakness of its local currency, naira. Authorities say Binance allowed criminals to engage in unlawful parallel crypto forex trading, which weakened its currency. <\/p>\n\n\n\n See Related:<\/strong><\/em> Bloxmith Launches Raiders Rumble, A Mobile Strategy Game for Both Web2 and Web3 Gamers, on the Flow Blockchain<\/a><\/p>\n\n\n\n Nigeria\u2019s crackdown on Binance adds to its recent battles<\/a> as the exchange struggles to become compliant in key jurisdictions. This comes after the US Justice Department fined the exchange $4.3 billion for criminal culpability. The then CEO Changpeng Zhao was forced to resign and is personally facing criminal charges in the US.<\/p>\n\n\n\n Recently, Nigeria detained two Binance executives as the country continues to implement financial market reforms under President Bola Tinumbu. Their retention saw Binance stop naira trading in Bitcoin and Tether.<\/p>\n","post_title":"Binance In A Fresh Legal Battle As Nigeria Summons CEO Over $26M In \u201cSuspicious Flows\u201d","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-in-a-fresh-legal-battle-as-nigeria-summons-ceo-over-26m-in-suspicious-flows","to_ping":"","pinged":"","post_modified":"2024-03-08 01:38:22","post_modified_gmt":"2024-03-07 14:38:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
According to the Nigerian officials, failure to respond to the latest summons would lead to litigation of the exchange. The officials accuse Teng of disregarding prior meetings. Ginger Onwusibe warns that Binance has exploited customers and operated without accountability. He said:<\/p>\n\n\n\n \u201cYou cannot run a company with over 10 million Nigerians on your platform without paying tax and having a physical office where Nigerians can lodge their complaints when they experience any challenge with your service. The era of exploitation is over, and all culprits must be held accountable.\u201d<\/em><\/p>\n\n\n\n In addition to illegal operations, Nigeria accuses Binance of playing a role in the weakness of its local currency, naira. Authorities say Binance allowed criminals to engage in unlawful parallel crypto forex trading, which weakened its currency. <\/p>\n\n\n\n See Related:<\/strong><\/em> Bloxmith Launches Raiders Rumble, A Mobile Strategy Game for Both Web2 and Web3 Gamers, on the Flow Blockchain<\/a><\/p>\n\n\n\n Nigeria\u2019s crackdown on Binance adds to its recent battles<\/a> as the exchange struggles to become compliant in key jurisdictions. This comes after the US Justice Department fined the exchange $4.3 billion for criminal culpability. The then CEO Changpeng Zhao was forced to resign and is personally facing criminal charges in the US.<\/p>\n\n\n\n Recently, Nigeria detained two Binance executives as the country continues to implement financial market reforms under President Bola Tinumbu. Their retention saw Binance stop naira trading in Bitcoin and Tether.<\/p>\n","post_title":"Binance In A Fresh Legal Battle As Nigeria Summons CEO Over $26M In \u201cSuspicious Flows\u201d","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-in-a-fresh-legal-battle-as-nigeria-summons-ceo-over-26m-in-suspicious-flows","to_ping":"","pinged":"","post_modified":"2024-03-08 01:38:22","post_modified_gmt":"2024-03-07 14:38:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The Nigerian government wants Binance CEO Richard Teng to appear before its officials to answer queries about its operations in the country. In particular, Nigeria wants<\/a> answers on $26 billion, which it believes comprises suspicious fund flows.<\/p>\n\n\n\n According to the Nigerian officials, failure to respond to the latest summons would lead to litigation of the exchange. The officials accuse Teng of disregarding prior meetings. Ginger Onwusibe warns that Binance has exploited customers and operated without accountability. He said:<\/p>\n\n\n\n \u201cYou cannot run a company with over 10 million Nigerians on your platform without paying tax and having a physical office where Nigerians can lodge their complaints when they experience any challenge with your service. The era of exploitation is over, and all culprits must be held accountable.\u201d<\/em><\/p>\n\n\n\n In addition to illegal operations, Nigeria accuses Binance of playing a role in the weakness of its local currency, naira. Authorities say Binance allowed criminals to engage in unlawful parallel crypto forex trading, which weakened its currency. <\/p>\n\n\n\n See Related:<\/strong><\/em> Bloxmith Launches Raiders Rumble, A Mobile Strategy Game for Both Web2 and Web3 Gamers, on the Flow Blockchain<\/a><\/p>\n\n\n\n Nigeria\u2019s crackdown on Binance adds to its recent battles<\/a> as the exchange struggles to become compliant in key jurisdictions. This comes after the US Justice Department fined the exchange $4.3 billion for criminal culpability. The then CEO Changpeng Zhao was forced to resign and is personally facing criminal charges in the US.<\/p>\n\n\n\n Recently, Nigeria detained two Binance executives as the country continues to implement financial market reforms under President Bola Tinumbu. Their retention saw Binance stop naira trading in Bitcoin and Tether.<\/p>\n","post_title":"Binance In A Fresh Legal Battle As Nigeria Summons CEO Over $26M In \u201cSuspicious Flows\u201d","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-in-a-fresh-legal-battle-as-nigeria-summons-ceo-over-26m-in-suspicious-flows","to_ping":"","pinged":"","post_modified":"2024-03-08 01:38:22","post_modified_gmt":"2024-03-07 14:38:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The Nigerian government wants Binance CEO Richard Teng to appear before its officials to answer queries about its operations in the country. In particular, Nigeria wants<\/a> answers on $26 billion, which it believes comprises suspicious fund flows.<\/p>\n\n\n\n According to the Nigerian officials, failure to respond to the latest summons would lead to litigation of the exchange. The officials accuse Teng of disregarding prior meetings. Ginger Onwusibe warns that Binance has exploited customers and operated without accountability. He said:<\/p>\n\n\n\n \u201cYou cannot run a company with over 10 million Nigerians on your platform without paying tax and having a physical office where Nigerians can lodge their complaints when they experience any challenge with your service. The era of exploitation is over, and all culprits must be held accountable.\u201d<\/em><\/p>\n\n\n\n In addition to illegal operations, Nigeria accuses Binance of playing a role in the weakness of its local currency, naira. Authorities say Binance allowed criminals to engage in unlawful parallel crypto forex trading, which weakened its currency. <\/p>\n\n\n\n See Related:<\/strong><\/em> Bloxmith Launches Raiders Rumble, A Mobile Strategy Game for Both Web2 and Web3 Gamers, on the Flow Blockchain<\/a><\/p>\n\n\n\n Nigeria\u2019s crackdown on Binance adds to its recent battles<\/a> as the exchange struggles to become compliant in key jurisdictions. This comes after the US Justice Department fined the exchange $4.3 billion for criminal culpability. The then CEO Changpeng Zhao was forced to resign and is personally facing criminal charges in the US.<\/p>\n\n\n\n Recently, Nigeria detained two Binance executives as the country continues to implement financial market reforms under President Bola Tinumbu. Their retention saw Binance stop naira trading in Bitcoin and Tether.<\/p>\n","post_title":"Binance In A Fresh Legal Battle As Nigeria Summons CEO Over $26M In \u201cSuspicious Flows\u201d","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-in-a-fresh-legal-battle-as-nigeria-summons-ceo-over-26m-in-suspicious-flows","to_ping":"","pinged":"","post_modified":"2024-03-08 01:38:22","post_modified_gmt":"2024-03-07 14:38:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The Nigerian government wants Binance CEO Richard Teng to appear before its officials to answer queries about its operations in the country. In particular, Nigeria wants<\/a> answers on $26 billion, which it believes comprises suspicious fund flows.<\/p>\n\n\n\n According to the Nigerian officials, failure to respond to the latest summons would lead to litigation of the exchange. The officials accuse Teng of disregarding prior meetings. Ginger Onwusibe warns that Binance has exploited customers and operated without accountability. He said:<\/p>\n\n\n\n \u201cYou cannot run a company with over 10 million Nigerians on your platform without paying tax and having a physical office where Nigerians can lodge their complaints when they experience any challenge with your service. The era of exploitation is over, and all culprits must be held accountable.\u201d<\/em><\/p>\n\n\n\n In addition to illegal operations, Nigeria accuses Binance of playing a role in the weakness of its local currency, naira. Authorities say Binance allowed criminals to engage in unlawful parallel crypto forex trading, which weakened its currency. <\/p>\n\n\n\n See Related:<\/strong><\/em> Bloxmith Launches Raiders Rumble, A Mobile Strategy Game for Both Web2 and Web3 Gamers, on the Flow Blockchain<\/a><\/p>\n\n\n\n Nigeria\u2019s crackdown on Binance adds to its recent battles<\/a> as the exchange struggles to become compliant in key jurisdictions. This comes after the US Justice Department fined the exchange $4.3 billion for criminal culpability. The then CEO Changpeng Zhao was forced to resign and is personally facing criminal charges in the US.<\/p>\n\n\n\n Recently, Nigeria detained two Binance executives as the country continues to implement financial market reforms under President Bola Tinumbu. Their retention saw Binance stop naira trading in Bitcoin and Tether.<\/p>\n","post_title":"Binance In A Fresh Legal Battle As Nigeria Summons CEO Over $26M In \u201cSuspicious Flows\u201d","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-in-a-fresh-legal-battle-as-nigeria-summons-ceo-over-26m-in-suspicious-flows","to_ping":"","pinged":"","post_modified":"2024-03-08 01:38:22","post_modified_gmt":"2024-03-07 14:38:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The Nigerian government wants Binance CEO Richard Teng to appear before its officials to answer queries about its operations in the country. In particular, Nigeria wants<\/a> answers on $26 billion, which it believes comprises suspicious fund flows.<\/p>\n\n\n\n According to the Nigerian officials, failure to respond to the latest summons would lead to litigation of the exchange. The officials accuse Teng of disregarding prior meetings. Ginger Onwusibe warns that Binance has exploited customers and operated without accountability. He said:<\/p>\n\n\n\n \u201cYou cannot run a company with over 10 million Nigerians on your platform without paying tax and having a physical office where Nigerians can lodge their complaints when they experience any challenge with your service. The era of exploitation is over, and all culprits must be held accountable.\u201d<\/em><\/p>\n\n\n\n In addition to illegal operations, Nigeria accuses Binance of playing a role in the weakness of its local currency, naira. Authorities say Binance allowed criminals to engage in unlawful parallel crypto forex trading, which weakened its currency. <\/p>\n\n\n\n See Related:<\/strong><\/em> Bloxmith Launches Raiders Rumble, A Mobile Strategy Game for Both Web2 and Web3 Gamers, on the Flow Blockchain<\/a><\/p>\n\n\n\n Nigeria\u2019s crackdown on Binance adds to its recent battles<\/a> as the exchange struggles to become compliant in key jurisdictions. This comes after the US Justice Department fined the exchange $4.3 billion for criminal culpability. The then CEO Changpeng Zhao was forced to resign and is personally facing criminal charges in the US.<\/p>\n\n\n\n Recently, Nigeria detained two Binance executives as the country continues to implement financial market reforms under President Bola Tinumbu. Their retention saw Binance stop naira trading in Bitcoin and Tether.<\/p>\n","post_title":"Binance In A Fresh Legal Battle As Nigeria Summons CEO Over $26M In \u201cSuspicious Flows\u201d","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-in-a-fresh-legal-battle-as-nigeria-summons-ceo-over-26m-in-suspicious-flows","to_ping":"","pinged":"","post_modified":"2024-03-08 01:38:22","post_modified_gmt":"2024-03-07 14:38:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Despite the absence of representation from the Nigerian authorities during the hearing, the executives' legal battle persists. With the next court date set for April 8, the outcome remains uncertain.<\/p>\n","post_title":"Binance Executives Sue Nigerian Government For Detainment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-executives-sue-nigerian-government-for-detainment","to_ping":"","pinged":"\nhttps:\/\/nairametrics.com\/2024\/03\/28\/nsa-efcc-must-apologize-for-detaining-me-binance-executive-tells-nigerian-court\/","post_modified":"2024-04-03 19:26:56","post_modified_gmt":"2024-04-03 08:26:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16147","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":15751,"post_author":"21","post_date":"2024-03-08 01:38:17","post_date_gmt":"2024-03-07 14:38:17","post_content":"\n The Nigerian government wants Binance CEO Richard Teng to appear before its officials to answer queries about its operations in the country. In particular, Nigeria wants<\/a> answers on $26 billion, which it believes comprises suspicious fund flows.<\/p>\n\n\n\n According to the Nigerian officials, failure to respond to the latest summons would lead to litigation of the exchange. The officials accuse Teng of disregarding prior meetings. Ginger Onwusibe warns that Binance has exploited customers and operated without accountability. He said:<\/p>\n\n\n\n \u201cYou cannot run a company with over 10 million Nigerians on your platform without paying tax and having a physical office where Nigerians can lodge their complaints when they experience any challenge with your service. The era of exploitation is over, and all culprits must be held accountable.\u201d<\/em><\/p>\n\n\n\n In addition to illegal operations, Nigeria accuses Binance of playing a role in the weakness of its local currency, naira. Authorities say Binance allowed criminals to engage in unlawful parallel crypto forex trading, which weakened its currency. <\/p>\n\n\n\n See Related:<\/strong><\/em> Bloxmith Launches Raiders Rumble, A Mobile Strategy Game for Both Web2 and Web3 Gamers, on the Flow Blockchain<\/a><\/p>\n\n\n\n Nigeria\u2019s crackdown on Binance adds to its recent battles<\/a> as the exchange struggles to become compliant in key jurisdictions. This comes after the US Justice Department fined the exchange $4.3 billion for criminal culpability. The then CEO Changpeng Zhao was forced to resign and is personally facing criminal charges in the US.<\/p>\n\n\n\n Recently, Nigeria detained two Binance executives as the country continues to implement financial market reforms under President Bola Tinumbu. Their retention saw Binance stop naira trading in Bitcoin and Tether.<\/p>\n","post_title":"Binance In A Fresh Legal Battle As Nigeria Summons CEO Over $26M In \u201cSuspicious Flows\u201d","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-in-a-fresh-legal-battle-as-nigeria-summons-ceo-over-26m-in-suspicious-flows","to_ping":"","pinged":"","post_modified":"2024-03-08 01:38:22","post_modified_gmt":"2024-03-07 14:38:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The detention of Binance executives occurred amidst Nigeria's crackdown on cryptocurrency trading platforms, which emerged as alternatives amidst chronic dollar shortages. Nigerian authorities charged Gambaryan and Anjarwalla, along with the company, with tax evasion. However, Anjarwalla fled the country, facing the possibility of an international arrest warrant.<\/p>\n\n\n\n Despite the absence of representation from the Nigerian authorities during the hearing, the executives' legal battle persists. With the next court date set for April 8, the outcome remains uncertain.<\/p>\n","post_title":"Binance Executives Sue Nigerian Government For Detainment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-executives-sue-nigerian-government-for-detainment","to_ping":"","pinged":"\nhttps:\/\/nairametrics.com\/2024\/03\/28\/nsa-efcc-must-apologize-for-detaining-me-binance-executive-tells-nigerian-court\/","post_modified":"2024-04-03 19:26:56","post_modified_gmt":"2024-04-03 08:26:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16147","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":15751,"post_author":"21","post_date":"2024-03-08 01:38:17","post_date_gmt":"2024-03-07 14:38:17","post_content":"\n The Nigerian government wants Binance CEO Richard Teng to appear before its officials to answer queries about its operations in the country. In particular, Nigeria wants<\/a> answers on $26 billion, which it believes comprises suspicious fund flows.<\/p>\n\n\n\n According to the Nigerian officials, failure to respond to the latest summons would lead to litigation of the exchange. The officials accuse Teng of disregarding prior meetings. Ginger Onwusibe warns that Binance has exploited customers and operated without accountability. He said:<\/p>\n\n\n\n \u201cYou cannot run a company with over 10 million Nigerians on your platform without paying tax and having a physical office where Nigerians can lodge their complaints when they experience any challenge with your service. The era of exploitation is over, and all culprits must be held accountable.\u201d<\/em><\/p>\n\n\n\n In addition to illegal operations, Nigeria accuses Binance of playing a role in the weakness of its local currency, naira. Authorities say Binance allowed criminals to engage in unlawful parallel crypto forex trading, which weakened its currency. <\/p>\n\n\n\n See Related:<\/strong><\/em> Bloxmith Launches Raiders Rumble, A Mobile Strategy Game for Both Web2 and Web3 Gamers, on the Flow Blockchain<\/a><\/p>\n\n\n\n Nigeria\u2019s crackdown on Binance adds to its recent battles<\/a> as the exchange struggles to become compliant in key jurisdictions. This comes after the US Justice Department fined the exchange $4.3 billion for criminal culpability. The then CEO Changpeng Zhao was forced to resign and is personally facing criminal charges in the US.<\/p>\n\n\n\n Recently, Nigeria detained two Binance executives as the country continues to implement financial market reforms under President Bola Tinumbu. Their retention saw Binance stop naira trading in Bitcoin and Tether.<\/p>\n","post_title":"Binance In A Fresh Legal Battle As Nigeria Summons CEO Over $26M In \u201cSuspicious Flows\u201d","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-in-a-fresh-legal-battle-as-nigeria-summons-ceo-over-26m-in-suspicious-flows","to_ping":"","pinged":"","post_modified":"2024-03-08 01:38:22","post_modified_gmt":"2024-03-07 14:38:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The executives maintained their innocence, claiming they were not informed of any offenses committed. The judge adjourned the hearing to April 8, awaiting representation from the Office of the National Security Adviser (ONSA) and the EFCC.<\/p>\n\n\n\n The detention of Binance executives occurred amidst Nigeria's crackdown on cryptocurrency trading platforms, which emerged as alternatives amidst chronic dollar shortages. Nigerian authorities charged Gambaryan and Anjarwalla, along with the company, with tax evasion. However, Anjarwalla fled the country, facing the possibility of an international arrest warrant.<\/p>\n\n\n\n Despite the absence of representation from the Nigerian authorities during the hearing, the executives' legal battle persists. With the next court date set for April 8, the outcome remains uncertain.<\/p>\n","post_title":"Binance Executives Sue Nigerian Government For Detainment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-executives-sue-nigerian-government-for-detainment","to_ping":"","pinged":"\nhttps:\/\/nairametrics.com\/2024\/03\/28\/nsa-efcc-must-apologize-for-detaining-me-binance-executive-tells-nigerian-court\/","post_modified":"2024-04-03 19:26:56","post_modified_gmt":"2024-04-03 08:26:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16147","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":15751,"post_author":"21","post_date":"2024-03-08 01:38:17","post_date_gmt":"2024-03-07 14:38:17","post_content":"\n The Nigerian government wants Binance CEO Richard Teng to appear before its officials to answer queries about its operations in the country. In particular, Nigeria wants<\/a> answers on $26 billion, which it believes comprises suspicious fund flows.<\/p>\n\n\n\n According to the Nigerian officials, failure to respond to the latest summons would lead to litigation of the exchange. The officials accuse Teng of disregarding prior meetings. Ginger Onwusibe warns that Binance has exploited customers and operated without accountability. He said:<\/p>\n\n\n\n \u201cYou cannot run a company with over 10 million Nigerians on your platform without paying tax and having a physical office where Nigerians can lodge their complaints when they experience any challenge with your service. The era of exploitation is over, and all culprits must be held accountable.\u201d<\/em><\/p>\n\n\n\n In addition to illegal operations, Nigeria accuses Binance of playing a role in the weakness of its local currency, naira. Authorities say Binance allowed criminals to engage in unlawful parallel crypto forex trading, which weakened its currency. <\/p>\n\n\n\n See Related:<\/strong><\/em> Bloxmith Launches Raiders Rumble, A Mobile Strategy Game for Both Web2 and Web3 Gamers, on the Flow Blockchain<\/a><\/p>\n\n\n\n Nigeria\u2019s crackdown on Binance adds to its recent battles<\/a> as the exchange struggles to become compliant in key jurisdictions. This comes after the US Justice Department fined the exchange $4.3 billion for criminal culpability. The then CEO Changpeng Zhao was forced to resign and is personally facing criminal charges in the US.<\/p>\n\n\n\n Recently, Nigeria detained two Binance executives as the country continues to implement financial market reforms under President Bola Tinumbu. Their retention saw Binance stop naira trading in Bitcoin and Tether.<\/p>\n","post_title":"Binance In A Fresh Legal Battle As Nigeria Summons CEO Over $26M In \u201cSuspicious Flows\u201d","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-in-a-fresh-legal-battle-as-nigeria-summons-ceo-over-26m-in-suspicious-flows","to_ping":"","pinged":"","post_modified":"2024-03-08 01:38:22","post_modified_gmt":"2024-03-07 14:38:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
During a hearing before Judge Iyang Ekwo, Gambaryan argued that his detention and passport seizure violated his liberty as guaranteed by Nigeria's constitution.<\/p>\n\n\n\n The executives maintained their innocence, claiming they were not informed of any offenses committed. The judge adjourned the hearing to April 8, awaiting representation from the Office of the National Security Adviser (ONSA) and the EFCC.<\/p>\n\n\n\n The detention of Binance executives occurred amidst Nigeria's crackdown on cryptocurrency trading platforms, which emerged as alternatives amidst chronic dollar shortages. Nigerian authorities charged Gambaryan and Anjarwalla, along with the company, with tax evasion. However, Anjarwalla fled the country, facing the possibility of an international arrest warrant.<\/p>\n\n\n\n Despite the absence of representation from the Nigerian authorities during the hearing, the executives' legal battle persists. With the next court date set for April 8, the outcome remains uncertain.<\/p>\n","post_title":"Binance Executives Sue Nigerian Government For Detainment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-executives-sue-nigerian-government-for-detainment","to_ping":"","pinged":"\nhttps:\/\/nairametrics.com\/2024\/03\/28\/nsa-efcc-must-apologize-for-detaining-me-binance-executive-tells-nigerian-court\/","post_modified":"2024-04-03 19:26:56","post_modified_gmt":"2024-04-03 08:26:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16147","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":15751,"post_author":"21","post_date":"2024-03-08 01:38:17","post_date_gmt":"2024-03-07 14:38:17","post_content":"\n The Nigerian government wants Binance CEO Richard Teng to appear before its officials to answer queries about its operations in the country. In particular, Nigeria wants<\/a> answers on $26 billion, which it believes comprises suspicious fund flows.<\/p>\n\n\n\n According to the Nigerian officials, failure to respond to the latest summons would lead to litigation of the exchange. The officials accuse Teng of disregarding prior meetings. Ginger Onwusibe warns that Binance has exploited customers and operated without accountability. He said:<\/p>\n\n\n\n \u201cYou cannot run a company with over 10 million Nigerians on your platform without paying tax and having a physical office where Nigerians can lodge their complaints when they experience any challenge with your service. The era of exploitation is over, and all culprits must be held accountable.\u201d<\/em><\/p>\n\n\n\n In addition to illegal operations, Nigeria accuses Binance of playing a role in the weakness of its local currency, naira. Authorities say Binance allowed criminals to engage in unlawful parallel crypto forex trading, which weakened its currency. <\/p>\n\n\n\n See Related:<\/strong><\/em> Bloxmith Launches Raiders Rumble, A Mobile Strategy Game for Both Web2 and Web3 Gamers, on the Flow Blockchain<\/a><\/p>\n\n\n\n Nigeria\u2019s crackdown on Binance adds to its recent battles<\/a> as the exchange struggles to become compliant in key jurisdictions. This comes after the US Justice Department fined the exchange $4.3 billion for criminal culpability. The then CEO Changpeng Zhao was forced to resign and is personally facing criminal charges in the US.<\/p>\n\n\n\n Recently, Nigeria detained two Binance executives as the country continues to implement financial market reforms under President Bola Tinumbu. Their retention saw Binance stop naira trading in Bitcoin and Tether.<\/p>\n","post_title":"Binance In A Fresh Legal Battle As Nigeria Summons CEO Over $26M In \u201cSuspicious Flows\u201d","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-in-a-fresh-legal-battle-as-nigeria-summons-ceo-over-26m-in-suspicious-flows","to_ping":"","pinged":"","post_modified":"2024-03-08 01:38:22","post_modified_gmt":"2024-03-07 14:38:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
During a hearing before Judge Iyang Ekwo, Gambaryan argued that his detention and passport seizure violated his liberty as guaranteed by Nigeria's constitution.<\/p>\n\n\n\n The executives maintained their innocence, claiming they were not informed of any offenses committed. The judge adjourned the hearing to April 8, awaiting representation from the Office of the National Security Adviser (ONSA) and the EFCC.<\/p>\n\n\n\n The detention of Binance executives occurred amidst Nigeria's crackdown on cryptocurrency trading platforms, which emerged as alternatives amidst chronic dollar shortages. Nigerian authorities charged Gambaryan and Anjarwalla, along with the company, with tax evasion. However, Anjarwalla fled the country, facing the possibility of an international arrest warrant.<\/p>\n\n\n\n Despite the absence of representation from the Nigerian authorities during the hearing, the executives' legal battle persists. With the next court date set for April 8, the outcome remains uncertain.<\/p>\n","post_title":"Binance Executives Sue Nigerian Government For Detainment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-executives-sue-nigerian-government-for-detainment","to_ping":"","pinged":"\nhttps:\/\/nairametrics.com\/2024\/03\/28\/nsa-efcc-must-apologize-for-detaining-me-binance-executive-tells-nigerian-court\/","post_modified":"2024-04-03 19:26:56","post_modified_gmt":"2024-04-03 08:26:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16147","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":15751,"post_author":"21","post_date":"2024-03-08 01:38:17","post_date_gmt":"2024-03-07 14:38:17","post_content":"\n The Nigerian government wants Binance CEO Richard Teng to appear before its officials to answer queries about its operations in the country. In particular, Nigeria wants<\/a> answers on $26 billion, which it believes comprises suspicious fund flows.<\/p>\n\n\n\n According to the Nigerian officials, failure to respond to the latest summons would lead to litigation of the exchange. The officials accuse Teng of disregarding prior meetings. Ginger Onwusibe warns that Binance has exploited customers and operated without accountability. He said:<\/p>\n\n\n\n \u201cYou cannot run a company with over 10 million Nigerians on your platform without paying tax and having a physical office where Nigerians can lodge their complaints when they experience any challenge with your service. The era of exploitation is over, and all culprits must be held accountable.\u201d<\/em><\/p>\n\n\n\n In addition to illegal operations, Nigeria accuses Binance of playing a role in the weakness of its local currency, naira. Authorities say Binance allowed criminals to engage in unlawful parallel crypto forex trading, which weakened its currency. <\/p>\n\n\n\n See Related:<\/strong><\/em> Bloxmith Launches Raiders Rumble, A Mobile Strategy Game for Both Web2 and Web3 Gamers, on the Flow Blockchain<\/a><\/p>\n\n\n\n Nigeria\u2019s crackdown on Binance adds to its recent battles<\/a> as the exchange struggles to become compliant in key jurisdictions. This comes after the US Justice Department fined the exchange $4.3 billion for criminal culpability. The then CEO Changpeng Zhao was forced to resign and is personally facing criminal charges in the US.<\/p>\n\n\n\n Recently, Nigeria detained two Binance executives as the country continues to implement financial market reforms under President Bola Tinumbu. Their retention saw Binance stop naira trading in Bitcoin and Tether.<\/p>\n","post_title":"Binance In A Fresh Legal Battle As Nigeria Summons CEO Over $26M In \u201cSuspicious Flows\u201d","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-in-a-fresh-legal-battle-as-nigeria-summons-ceo-over-26m-in-suspicious-flows","to_ping":"","pinged":"","post_modified":"2024-03-08 01:38:22","post_modified_gmt":"2024-03-07 14:38:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related: <\/em><\/strong>Binance In A Fresh Legal Battle As Nigeria Summons CEO Over $26M In Suspicious Flows<\/a><\/p>\n\n\n\n During a hearing before Judge Iyang Ekwo, Gambaryan argued that his detention and passport seizure violated his liberty as guaranteed by Nigeria's constitution.<\/p>\n\n\n\n The executives maintained their innocence, claiming they were not informed of any offenses committed. The judge adjourned the hearing to April 8, awaiting representation from the Office of the National Security Adviser (ONSA) and the EFCC.<\/p>\n\n\n\n The detention of Binance executives occurred amidst Nigeria's crackdown on cryptocurrency trading platforms, which emerged as alternatives amidst chronic dollar shortages. Nigerian authorities charged Gambaryan and Anjarwalla, along with the company, with tax evasion. However, Anjarwalla fled the country, facing the possibility of an international arrest warrant.<\/p>\n\n\n\n Despite the absence of representation from the Nigerian authorities during the hearing, the executives' legal battle persists. With the next court date set for April 8, the outcome remains uncertain.<\/p>\n","post_title":"Binance Executives Sue Nigerian Government For Detainment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-executives-sue-nigerian-government-for-detainment","to_ping":"","pinged":"\nhttps:\/\/nairametrics.com\/2024\/03\/28\/nsa-efcc-must-apologize-for-detaining-me-binance-executive-tells-nigerian-court\/","post_modified":"2024-04-03 19:26:56","post_modified_gmt":"2024-04-03 08:26:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16147","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":15751,"post_author":"21","post_date":"2024-03-08 01:38:17","post_date_gmt":"2024-03-07 14:38:17","post_content":"\n The Nigerian government wants Binance CEO Richard Teng to appear before its officials to answer queries about its operations in the country. In particular, Nigeria wants<\/a> answers on $26 billion, which it believes comprises suspicious fund flows.<\/p>\n\n\n\n According to the Nigerian officials, failure to respond to the latest summons would lead to litigation of the exchange. The officials accuse Teng of disregarding prior meetings. Ginger Onwusibe warns that Binance has exploited customers and operated without accountability. He said:<\/p>\n\n\n\n \u201cYou cannot run a company with over 10 million Nigerians on your platform without paying tax and having a physical office where Nigerians can lodge their complaints when they experience any challenge with your service. The era of exploitation is over, and all culprits must be held accountable.\u201d<\/em><\/p>\n\n\n\n In addition to illegal operations, Nigeria accuses Binance of playing a role in the weakness of its local currency, naira. Authorities say Binance allowed criminals to engage in unlawful parallel crypto forex trading, which weakened its currency. <\/p>\n\n\n\n See Related:<\/strong><\/em> Bloxmith Launches Raiders Rumble, A Mobile Strategy Game for Both Web2 and Web3 Gamers, on the Flow Blockchain<\/a><\/p>\n\n\n\n Nigeria\u2019s crackdown on Binance adds to its recent battles<\/a> as the exchange struggles to become compliant in key jurisdictions. This comes after the US Justice Department fined the exchange $4.3 billion for criminal culpability. The then CEO Changpeng Zhao was forced to resign and is personally facing criminal charges in the US.<\/p>\n\n\n\n Recently, Nigeria detained two Binance executives as the country continues to implement financial market reforms under President Bola Tinumbu. Their retention saw Binance stop naira trading in Bitcoin and Tether.<\/p>\n","post_title":"Binance In A Fresh Legal Battle As Nigeria Summons CEO Over $26M In \u201cSuspicious Flows\u201d","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-in-a-fresh-legal-battle-as-nigeria-summons-ceo-over-26m-in-suspicious-flows","to_ping":"","pinged":"","post_modified":"2024-03-08 01:38:22","post_modified_gmt":"2024-03-07 14:38:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
According to a report<\/a> by a local media publication, the executives accused the National Security Adviser's office and the Economic and Financial Crimes Commission (EFCC) of violating their fundamental human rights. The executives demanded their release, the return of their passports, and a public apology for their detainment.<\/p>\n\n\n\n See Related: <\/em><\/strong>Binance In A Fresh Legal Battle As Nigeria Summons CEO Over $26M In Suspicious Flows<\/a><\/p>\n\n\n\n During a hearing before Judge Iyang Ekwo, Gambaryan argued that his detention and passport seizure violated his liberty as guaranteed by Nigeria's constitution.<\/p>\n\n\n\n The executives maintained their innocence, claiming they were not informed of any offenses committed. The judge adjourned the hearing to April 8, awaiting representation from the Office of the National Security Adviser (ONSA) and the EFCC.<\/p>\n\n\n\n The detention of Binance executives occurred amidst Nigeria's crackdown on cryptocurrency trading platforms, which emerged as alternatives amidst chronic dollar shortages. Nigerian authorities charged Gambaryan and Anjarwalla, along with the company, with tax evasion. However, Anjarwalla fled the country, facing the possibility of an international arrest warrant.<\/p>\n\n\n\n Despite the absence of representation from the Nigerian authorities during the hearing, the executives' legal battle persists. With the next court date set for April 8, the outcome remains uncertain.<\/p>\n","post_title":"Binance Executives Sue Nigerian Government For Detainment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-executives-sue-nigerian-government-for-detainment","to_ping":"","pinged":"\nhttps:\/\/nairametrics.com\/2024\/03\/28\/nsa-efcc-must-apologize-for-detaining-me-binance-executive-tells-nigerian-court\/","post_modified":"2024-04-03 19:26:56","post_modified_gmt":"2024-04-03 08:26:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16147","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":15751,"post_author":"21","post_date":"2024-03-08 01:38:17","post_date_gmt":"2024-03-07 14:38:17","post_content":"\n The Nigerian government wants Binance CEO Richard Teng to appear before its officials to answer queries about its operations in the country. In particular, Nigeria wants<\/a> answers on $26 billion, which it believes comprises suspicious fund flows.<\/p>\n\n\n\n According to the Nigerian officials, failure to respond to the latest summons would lead to litigation of the exchange. The officials accuse Teng of disregarding prior meetings. Ginger Onwusibe warns that Binance has exploited customers and operated without accountability. He said:<\/p>\n\n\n\n \u201cYou cannot run a company with over 10 million Nigerians on your platform without paying tax and having a physical office where Nigerians can lodge their complaints when they experience any challenge with your service. The era of exploitation is over, and all culprits must be held accountable.\u201d<\/em><\/p>\n\n\n\n In addition to illegal operations, Nigeria accuses Binance of playing a role in the weakness of its local currency, naira. Authorities say Binance allowed criminals to engage in unlawful parallel crypto forex trading, which weakened its currency. <\/p>\n\n\n\n See Related:<\/strong><\/em> Bloxmith Launches Raiders Rumble, A Mobile Strategy Game for Both Web2 and Web3 Gamers, on the Flow Blockchain<\/a><\/p>\n\n\n\n Nigeria\u2019s crackdown on Binance adds to its recent battles<\/a> as the exchange struggles to become compliant in key jurisdictions. This comes after the US Justice Department fined the exchange $4.3 billion for criminal culpability. The then CEO Changpeng Zhao was forced to resign and is personally facing criminal charges in the US.<\/p>\n\n\n\n Recently, Nigeria detained two Binance executives as the country continues to implement financial market reforms under President Bola Tinumbu. Their retention saw Binance stop naira trading in Bitcoin and Tether.<\/p>\n","post_title":"Binance In A Fresh Legal Battle As Nigeria Summons CEO Over $26M In \u201cSuspicious Flows\u201d","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-in-a-fresh-legal-battle-as-nigeria-summons-ceo-over-26m-in-suspicious-flows","to_ping":"","pinged":"","post_modified":"2024-03-08 01:38:22","post_modified_gmt":"2024-03-07 14:38:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The duo, hailing from diverse backgrounds, flew to Nigeria only to face detainment upon arrival on February 26. Tigran Gambaryan, Binance's head of financial crime compliance, and Nadeem Anjarwalla, the regional manager for Africa, took their fight to the Federal High Court in Abuja.<\/p>\n\n\n\n According to a report<\/a> by a local media publication, the executives accused the National Security Adviser's office and the Economic and Financial Crimes Commission (EFCC) of violating their fundamental human rights. The executives demanded their release, the return of their passports, and a public apology for their detainment.<\/p>\n\n\n\n See Related: <\/em><\/strong>Binance In A Fresh Legal Battle As Nigeria Summons CEO Over $26M In Suspicious Flows<\/a><\/p>\n\n\n\n During a hearing before Judge Iyang Ekwo, Gambaryan argued that his detention and passport seizure violated his liberty as guaranteed by Nigeria's constitution.<\/p>\n\n\n\n The executives maintained their innocence, claiming they were not informed of any offenses committed. The judge adjourned the hearing to April 8, awaiting representation from the Office of the National Security Adviser (ONSA) and the EFCC.<\/p>\n\n\n\n The detention of Binance executives occurred amidst Nigeria's crackdown on cryptocurrency trading platforms, which emerged as alternatives amidst chronic dollar shortages. Nigerian authorities charged Gambaryan and Anjarwalla, along with the company, with tax evasion. However, Anjarwalla fled the country, facing the possibility of an international arrest warrant.<\/p>\n\n\n\n Despite the absence of representation from the Nigerian authorities during the hearing, the executives' legal battle persists. With the next court date set for April 8, the outcome remains uncertain.<\/p>\n","post_title":"Binance Executives Sue Nigerian Government For Detainment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-executives-sue-nigerian-government-for-detainment","to_ping":"","pinged":"\nhttps:\/\/nairametrics.com\/2024\/03\/28\/nsa-efcc-must-apologize-for-detaining-me-binance-executive-tells-nigerian-court\/","post_modified":"2024-04-03 19:26:56","post_modified_gmt":"2024-04-03 08:26:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16147","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":15751,"post_author":"21","post_date":"2024-03-08 01:38:17","post_date_gmt":"2024-03-07 14:38:17","post_content":"\n The Nigerian government wants Binance CEO Richard Teng to appear before its officials to answer queries about its operations in the country. In particular, Nigeria wants<\/a> answers on $26 billion, which it believes comprises suspicious fund flows.<\/p>\n\n\n\n According to the Nigerian officials, failure to respond to the latest summons would lead to litigation of the exchange. The officials accuse Teng of disregarding prior meetings. Ginger Onwusibe warns that Binance has exploited customers and operated without accountability. He said:<\/p>\n\n\n\n \u201cYou cannot run a company with over 10 million Nigerians on your platform without paying tax and having a physical office where Nigerians can lodge their complaints when they experience any challenge with your service. The era of exploitation is over, and all culprits must be held accountable.\u201d<\/em><\/p>\n\n\n\n In addition to illegal operations, Nigeria accuses Binance of playing a role in the weakness of its local currency, naira. Authorities say Binance allowed criminals to engage in unlawful parallel crypto forex trading, which weakened its currency. <\/p>\n\n\n\n See Related:<\/strong><\/em> Bloxmith Launches Raiders Rumble, A Mobile Strategy Game for Both Web2 and Web3 Gamers, on the Flow Blockchain<\/a><\/p>\n\n\n\n Nigeria\u2019s crackdown on Binance adds to its recent battles<\/a> as the exchange struggles to become compliant in key jurisdictions. This comes after the US Justice Department fined the exchange $4.3 billion for criminal culpability. The then CEO Changpeng Zhao was forced to resign and is personally facing criminal charges in the US.<\/p>\n\n\n\n Recently, Nigeria detained two Binance executives as the country continues to implement financial market reforms under President Bola Tinumbu. Their retention saw Binance stop naira trading in Bitcoin and Tether.<\/p>\n","post_title":"Binance In A Fresh Legal Battle As Nigeria Summons CEO Over $26M In \u201cSuspicious Flows\u201d","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-in-a-fresh-legal-battle-as-nigeria-summons-ceo-over-26m-in-suspicious-flows","to_ping":"","pinged":"","post_modified":"2024-03-08 01:38:22","post_modified_gmt":"2024-03-07 14:38:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Binance's executives have launched a legal battle against Nigerian authorities. Tigran Gambaryan and Nadeem Anjarwalla found themselves entangled in a controversy after Nigeria banned several cryptocurrency trading websites.<\/p>\n\n\n\n The duo, hailing from diverse backgrounds, flew to Nigeria only to face detainment upon arrival on February 26. Tigran Gambaryan, Binance's head of financial crime compliance, and Nadeem Anjarwalla, the regional manager for Africa, took their fight to the Federal High Court in Abuja.<\/p>\n\n\n\n According to a report<\/a> by a local media publication, the executives accused the National Security Adviser's office and the Economic and Financial Crimes Commission (EFCC) of violating their fundamental human rights. The executives demanded their release, the return of their passports, and a public apology for their detainment.<\/p>\n\n\n\n See Related: <\/em><\/strong>Binance In A Fresh Legal Battle As Nigeria Summons CEO Over $26M In Suspicious Flows<\/a><\/p>\n\n\n\n During a hearing before Judge Iyang Ekwo, Gambaryan argued that his detention and passport seizure violated his liberty as guaranteed by Nigeria's constitution.<\/p>\n\n\n\n The executives maintained their innocence, claiming they were not informed of any offenses committed. The judge adjourned the hearing to April 8, awaiting representation from the Office of the National Security Adviser (ONSA) and the EFCC.<\/p>\n\n\n\n The detention of Binance executives occurred amidst Nigeria's crackdown on cryptocurrency trading platforms, which emerged as alternatives amidst chronic dollar shortages. Nigerian authorities charged Gambaryan and Anjarwalla, along with the company, with tax evasion. However, Anjarwalla fled the country, facing the possibility of an international arrest warrant.<\/p>\n\n\n\n Despite the absence of representation from the Nigerian authorities during the hearing, the executives' legal battle persists. With the next court date set for April 8, the outcome remains uncertain.<\/p>\n","post_title":"Binance Executives Sue Nigerian Government For Detainment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-executives-sue-nigerian-government-for-detainment","to_ping":"","pinged":"\nhttps:\/\/nairametrics.com\/2024\/03\/28\/nsa-efcc-must-apologize-for-detaining-me-binance-executive-tells-nigerian-court\/","post_modified":"2024-04-03 19:26:56","post_modified_gmt":"2024-04-03 08:26:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16147","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":15751,"post_author":"21","post_date":"2024-03-08 01:38:17","post_date_gmt":"2024-03-07 14:38:17","post_content":"\n The Nigerian government wants Binance CEO Richard Teng to appear before its officials to answer queries about its operations in the country. In particular, Nigeria wants<\/a> answers on $26 billion, which it believes comprises suspicious fund flows.<\/p>\n\n\n\n According to the Nigerian officials, failure to respond to the latest summons would lead to litigation of the exchange. The officials accuse Teng of disregarding prior meetings. Ginger Onwusibe warns that Binance has exploited customers and operated without accountability. He said:<\/p>\n\n\n\n \u201cYou cannot run a company with over 10 million Nigerians on your platform without paying tax and having a physical office where Nigerians can lodge their complaints when they experience any challenge with your service. The era of exploitation is over, and all culprits must be held accountable.\u201d<\/em><\/p>\n\n\n\n In addition to illegal operations, Nigeria accuses Binance of playing a role in the weakness of its local currency, naira. Authorities say Binance allowed criminals to engage in unlawful parallel crypto forex trading, which weakened its currency. <\/p>\n\n\n\n See Related:<\/strong><\/em> Bloxmith Launches Raiders Rumble, A Mobile Strategy Game for Both Web2 and Web3 Gamers, on the Flow Blockchain<\/a><\/p>\n\n\n\n Nigeria\u2019s crackdown on Binance adds to its recent battles<\/a> as the exchange struggles to become compliant in key jurisdictions. This comes after the US Justice Department fined the exchange $4.3 billion for criminal culpability. The then CEO Changpeng Zhao was forced to resign and is personally facing criminal charges in the US.<\/p>\n\n\n\n Recently, Nigeria detained two Binance executives as the country continues to implement financial market reforms under President Bola Tinumbu. Their retention saw Binance stop naira trading in Bitcoin and Tether.<\/p>\n","post_title":"Binance In A Fresh Legal Battle As Nigeria Summons CEO Over $26M In \u201cSuspicious Flows\u201d","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-in-a-fresh-legal-battle-as-nigeria-summons-ceo-over-26m-in-suspicious-flows","to_ping":"","pinged":"","post_modified":"2024-03-08 01:38:22","post_modified_gmt":"2024-03-07 14:38:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Binance's executives have launched a legal battle against Nigerian authorities. Tigran Gambaryan and Nadeem Anjarwalla found themselves entangled in a controversy after Nigeria banned several cryptocurrency trading websites.<\/p>\n\n\n\n The duo, hailing from diverse backgrounds, flew to Nigeria only to face detainment upon arrival on February 26. Tigran Gambaryan, Binance's head of financial crime compliance, and Nadeem Anjarwalla, the regional manager for Africa, took their fight to the Federal High Court in Abuja.<\/p>\n\n\n\n According to a report<\/a> by a local media publication, the executives accused the National Security Adviser's office and the Economic and Financial Crimes Commission (EFCC) of violating their fundamental human rights. The executives demanded their release, the return of their passports, and a public apology for their detainment.<\/p>\n\n\n\n See Related: <\/em><\/strong>Binance In A Fresh Legal Battle As Nigeria Summons CEO Over $26M In Suspicious Flows<\/a><\/p>\n\n\n\n During a hearing before Judge Iyang Ekwo, Gambaryan argued that his detention and passport seizure violated his liberty as guaranteed by Nigeria's constitution.<\/p>\n\n\n\n The executives maintained their innocence, claiming they were not informed of any offenses committed. The judge adjourned the hearing to April 8, awaiting representation from the Office of the National Security Adviser (ONSA) and the EFCC.<\/p>\n\n\n\n The detention of Binance executives occurred amidst Nigeria's crackdown on cryptocurrency trading platforms, which emerged as alternatives amidst chronic dollar shortages. Nigerian authorities charged Gambaryan and Anjarwalla, along with the company, with tax evasion. However, Anjarwalla fled the country, facing the possibility of an international arrest warrant.<\/p>\n\n\n\n Despite the absence of representation from the Nigerian authorities during the hearing, the executives' legal battle persists. With the next court date set for April 8, the outcome remains uncertain.<\/p>\n","post_title":"Binance Executives Sue Nigerian Government For Detainment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-executives-sue-nigerian-government-for-detainment","to_ping":"","pinged":"\nhttps:\/\/nairametrics.com\/2024\/03\/28\/nsa-efcc-must-apologize-for-detaining-me-binance-executive-tells-nigerian-court\/","post_modified":"2024-04-03 19:26:56","post_modified_gmt":"2024-04-03 08:26:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16147","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":15751,"post_author":"21","post_date":"2024-03-08 01:38:17","post_date_gmt":"2024-03-07 14:38:17","post_content":"\n The Nigerian government wants Binance CEO Richard Teng to appear before its officials to answer queries about its operations in the country. In particular, Nigeria wants<\/a> answers on $26 billion, which it believes comprises suspicious fund flows.<\/p>\n\n\n\n According to the Nigerian officials, failure to respond to the latest summons would lead to litigation of the exchange. The officials accuse Teng of disregarding prior meetings. Ginger Onwusibe warns that Binance has exploited customers and operated without accountability. He said:<\/p>\n\n\n\n \u201cYou cannot run a company with over 10 million Nigerians on your platform without paying tax and having a physical office where Nigerians can lodge their complaints when they experience any challenge with your service. The era of exploitation is over, and all culprits must be held accountable.\u201d<\/em><\/p>\n\n\n\n In addition to illegal operations, Nigeria accuses Binance of playing a role in the weakness of its local currency, naira. Authorities say Binance allowed criminals to engage in unlawful parallel crypto forex trading, which weakened its currency. <\/p>\n\n\n\n See Related:<\/strong><\/em> Bloxmith Launches Raiders Rumble, A Mobile Strategy Game for Both Web2 and Web3 Gamers, on the Flow Blockchain<\/a><\/p>\n\n\n\n Nigeria\u2019s crackdown on Binance adds to its recent battles<\/a> as the exchange struggles to become compliant in key jurisdictions. This comes after the US Justice Department fined the exchange $4.3 billion for criminal culpability. The then CEO Changpeng Zhao was forced to resign and is personally facing criminal charges in the US.<\/p>\n\n\n\n Recently, Nigeria detained two Binance executives as the country continues to implement financial market reforms under President Bola Tinumbu. Their retention saw Binance stop naira trading in Bitcoin and Tether.<\/p>\n","post_title":"Binance In A Fresh Legal Battle As Nigeria Summons CEO Over $26M In \u201cSuspicious Flows\u201d","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-in-a-fresh-legal-battle-as-nigeria-summons-ceo-over-26m-in-suspicious-flows","to_ping":"","pinged":"","post_modified":"2024-03-08 01:38:22","post_modified_gmt":"2024-03-07 14:38:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Binance's executives have launched a legal battle against Nigerian authorities. Tigran Gambaryan and Nadeem Anjarwalla found themselves entangled in a controversy after Nigeria banned several cryptocurrency trading websites.<\/p>\n\n\n\n The duo, hailing from diverse backgrounds, flew to Nigeria only to face detainment upon arrival on February 26. Tigran Gambaryan, Binance's head of financial crime compliance, and Nadeem Anjarwalla, the regional manager for Africa, took their fight to the Federal High Court in Abuja.<\/p>\n\n\n\n According to a report<\/a> by a local media publication, the executives accused the National Security Adviser's office and the Economic and Financial Crimes Commission (EFCC) of violating their fundamental human rights. The executives demanded their release, the return of their passports, and a public apology for their detainment.<\/p>\n\n\n\n See Related: <\/em><\/strong>Binance In A Fresh Legal Battle As Nigeria Summons CEO Over $26M In Suspicious Flows<\/a><\/p>\n\n\n\n During a hearing before Judge Iyang Ekwo, Gambaryan argued that his detention and passport seizure violated his liberty as guaranteed by Nigeria's constitution.<\/p>\n\n\n\n The executives maintained their innocence, claiming they were not informed of any offenses committed. The judge adjourned the hearing to April 8, awaiting representation from the Office of the National Security Adviser (ONSA) and the EFCC.<\/p>\n\n\n\n The detention of Binance executives occurred amidst Nigeria's crackdown on cryptocurrency trading platforms, which emerged as alternatives amidst chronic dollar shortages. Nigerian authorities charged Gambaryan and Anjarwalla, along with the company, with tax evasion. However, Anjarwalla fled the country, facing the possibility of an international arrest warrant.<\/p>\n\n\n\n Despite the absence of representation from the Nigerian authorities during the hearing, the executives' legal battle persists. With the next court date set for April 8, the outcome remains uncertain.<\/p>\n","post_title":"Binance Executives Sue Nigerian Government For Detainment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-executives-sue-nigerian-government-for-detainment","to_ping":"","pinged":"\nhttps:\/\/nairametrics.com\/2024\/03\/28\/nsa-efcc-must-apologize-for-detaining-me-binance-executive-tells-nigerian-court\/","post_modified":"2024-04-03 19:26:56","post_modified_gmt":"2024-04-03 08:26:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16147","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":15751,"post_author":"21","post_date":"2024-03-08 01:38:17","post_date_gmt":"2024-03-07 14:38:17","post_content":"\n The Nigerian government wants Binance CEO Richard Teng to appear before its officials to answer queries about its operations in the country. In particular, Nigeria wants<\/a> answers on $26 billion, which it believes comprises suspicious fund flows.<\/p>\n\n\n\n According to the Nigerian officials, failure to respond to the latest summons would lead to litigation of the exchange. The officials accuse Teng of disregarding prior meetings. Ginger Onwusibe warns that Binance has exploited customers and operated without accountability. He said:<\/p>\n\n\n\n \u201cYou cannot run a company with over 10 million Nigerians on your platform without paying tax and having a physical office where Nigerians can lodge their complaints when they experience any challenge with your service. The era of exploitation is over, and all culprits must be held accountable.\u201d<\/em><\/p>\n\n\n\n In addition to illegal operations, Nigeria accuses Binance of playing a role in the weakness of its local currency, naira. Authorities say Binance allowed criminals to engage in unlawful parallel crypto forex trading, which weakened its currency. <\/p>\n\n\n\n See Related:<\/strong><\/em> Bloxmith Launches Raiders Rumble, A Mobile Strategy Game for Both Web2 and Web3 Gamers, on the Flow Blockchain<\/a><\/p>\n\n\n\n
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A Difficult Time for Binance<\/h2>\n\n\n\n
