- Binance CEO rejects the Nigerian government’s allegations against the exchange.
- Richard Teng criticizes Nigeria’s lack of concern for Gambaryan despite his severe health conditions.
- Teng states that Binance’s total transaction volume from 2023 is $21 billion.
Binance CEO Richard Teng recently pushed back against the Nigerian government’s accusations against the exchange. The trial is set for September 2, 2024. Teng strongly disagrees with the government’s claims of Binance’s $26 billion revenue, arguing that $21.6 billion represents its total transaction volume from 2023.
In an official blog post, Teng expressed concerns about the deteriorating health of Tigran Gambaryan, the Binance executive detained by the Nigerian government. Teng’s statements came before the upcoming trial for Binance and its executives, Gambaryan and Nadeem Anjarwalla, who were arrested in Abuja regarding Binance’s alleged illicit flow of $26 billion.
Many, including political leaders and Gambaryan’s family, have highlighted that Gambaryan is facing severe health issues. Despite a court order for adequate medical support, Gambaryan is allegedly being held without proper attention. Reports indicate he needs specialized surgery for a herniated disk in his back.
Highlighting Gambaryan’s worsening health and the impact of his detention, Teng stated:
“I am deeply concerned about the long-term, potentially irreversible physical and mental impact this horrific episode is having on Tigran, and I appeal once again for the Nigerian government to allow him to go home to his family on humanitarian grounds so that he can seek the appropriate medical treatment in the US, recover and get back to the healthy, active life he previously had.”
He further argued against the Nigerian government’s claims, calling them “far from the truth.” He questioned the authority’s justification for holding Gambaryan, asserting that Binance has already faced and settled legal issues in the US, Thailand, India, and many other countries. He added that these governments haven’t threatened or harmed innocent employees.
To disprove the government’s statements, Teng pointed out that Nigeria was not a big market for Binance. While Nigeria has alleged Binance of engaging in illicit flows, Teng reiterated that the platform’s revenue comes from the lower transaction fees that it collects from traders.
Moreover, in response to Nigeria’s claims that Binance is responsible for the Naira’s value decline, Teng referenced experts’ opinions. He stated that the fall of Nigeria’s currency began with the government’s decision to end the Naira’s peg and is not connected to Binance.
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