Richard

United

Wednesday

April

Binance CEO, Richard Teng has indicated that despite the prolonged court trial and detention of its executives in Nigeria, the crypto company is eager to leave the past behind and continue to collaborate with regulators for a brighter future for the blockchain industry around the world. 
“We are eager to put this episode behind us and continue working toward a brighter future for the blockchain industry around the world”,&nbsp;Teng said. 
In a statement shared with Technext, Teng emphasised Nigeria’s potential to be a crypto powerhouse: “With a young, tech-savvy population and a strong interest in digital finance, Nigeria is well-positioned to leverage blockchain technology to address economic and social challenges.” He added that the crypto exchange is set to continue to play in the market. “We look forward to playing a constructive role in that effort”, he added. 
This follows a confirmation by a family member that Tigran Gambaryan, a Binance executive initially charged with tax and money laundering charges in Nigeria, has left the country after eight months in detention. 
 The CEO expressed appreciation to the Nigerian government for releasing Tigran Gambaryan. 
“We are deeply relieved and grateful that Tigran Gambaryan has finally been released after enduring nearly eight months of detention in Nigeria. Throughout this difficult period, Tigran has shown immense strength, and we commend his resilience in the face of such severe adversity. We are deeply thankful to everyone who dedicated countless hours to support Tigran’s release”,&nbsp;the CEO said. 
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 <img loading="lazy" decoding="async" width="1412" height="936" src="https://technext24.com/wp-content/uploads/2024/04/Screenshot-2024-04-04-at-16.19.26.png" alt="Nigeria arraigns detained Binance executive for tax evasion, laundry of $35m" class="wp-image-229745">
 <figcaption class="wp-element-caption">
 Binance Executive, Tigran Gambaryan sits as he waits to face prosecution for tax evasion and money laundering at the federal high court in Abuja, Nigeria April 4, 2024. REUTERS/ Abraham Achirga
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He maintained that Tigran’s health and well-being had remained a top priority for Binance. He added that the crypto exchange company is thankful that he can now receive the medical care and rest he so urgently needs alongside his family. 
Gambaryan’s wife, Yuki, said in a statement described the situation as a huge relief. “The past eight months have been a living nightmare. I wish it hadn’t taken this long for his release, or that his health had not declined so much, but we can now focus on healing as a family. I want to express my deepest gratitude to the US government for their efforts in securing his release”, she shared. 
<h4 id="the-travail-of-binances-executives-in-nigeria" class="wp-block-heading">The travail of Binance’s executives in Nigeria</h4> 
Yesterday, the Nigerian authorities&nbsp;<a href="https://technext24.com/2024/10/23/tigran-gambaryan-nigeria-drop-charges/">dropped money laundering charges</a>&nbsp;against the Binance executive. The charges brought against him by the Nigerian Economic and Financial Crimes Commission were dropped in court in Abuja and it brought an immediate end to the prolonged incarceration and conflict between the Nigerian authorities and Mr Gambaryan. 
The EFCC prosecutor stated in court: “The government has reviewed the case and, taken into consideration that the second defendant (Mr Gambaryan) is an employee of the first defendant (Binance Holdings Limited), whose status in the matter has more impact than the second defendant’s, and also taking into consideration some critical international and diplomatic reasons, the state seeks to discontinue the case against the second defendant”. 
Recall that Tigran Gambaryan, a United States citizen, has been in detention since February, and has been facing a money laundering trial from detention since April. Having spent over 8 months in detention, there were calls locally and internationally for an amicable settlement of the case considering the reports about the deteriorating health conditions of the accused.&nbsp; 
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 <img loading="lazy" decoding="async" width="1140" height="570" src="https://technext24.com/wp-content/uploads/2024/04/tigran.jpeg" alt="Nigerian court remands Binance executive, Tigran Gambaryan in custody" class="wp-image-229892">
 <figcaption class="wp-element-caption">
 Tigran Gambaryan and his counsels in court. Source: Nairamatrics.
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</figure> 
In June, the Federal Inland Revenue Service (FIRS) dropped tax evasion charges against Tigran Gambaryan and Nadeem Anjarwalla (who fled from detention) and filed a new lawsuit against Binance as the sole defendant. A September video&nbsp;<a href="https://cointelegraph.com/news/binance-exec-mistreatment-nigeria-video" target="_blank" rel="noreferrer noopener">showed Gambaryan struggling to walk</a>&nbsp;to court, prompting outrage from many people, including Binance CEO Richard Teng. 
On October 11, the judge at Federal High Court in Abuja Emeka Nwite, rejected Tigran’s second bail application, ruling that Mr Gambaryan’s grounds of ill health were not sufficient to release him from detention. Subsequently, he fixed it last Friday (October 18) for continuation but Tigran was absent. 
He then rescheduled the trial for this coming Friday (October 25) but this has now been overtaken by the clandestine hearing on Wednesday morning which has now ended the case. Tigran Gambaryan, who has been held at the Kuje Correctional Center Abuja since April can now return home to his family, as a free man.
The post <a href="https://technext24.com/2024/10/24/eager-episode-behind-binance-ceo-teng/">“We are eager to put this episode behind us”- Binance CEO, Teng says about Nigeria</a> first appeared on <a href="https://technext24.com">Technext</a>.

“We are eager to put this episode behind us”- Binance CEO, Teng says about Nigeria

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