Biden

Joe Biden

U.S. President Joe Biden recently contacted Nigerian President Bola Tinubu to express his gratitude for the release of Tigran Gambaryan, Binance’s head of financial crime compliance, who had been incarcerated in Nigeria for eight months.
Gambaryan, a major figure in Binance’s compliance efforts, was detained and accused of money laundering and tax fraud, claims related to Binance’s impact on Nigeria’s naira currency.
While detained in Nigeria’s notorious Kuje Prison, Gambaryan’s health worsened significantly. His family reported he suffered from malaria, pneumonia, tonsillitis, and a herniated disc that impaired his ability to walk. His release was granted on humanitarian grounds, following considerable agitation by US lawmakers and former officials for intervention.
During their phone chat, Biden <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/10/29/readout-of-president-joe-bidens-call-with-president-bola-tinubu-of-nigeria/" target="_blank" rel="noopener noreferrer nofollow">praised</a> Tinubu’s assistance in achieving Gambaryan’s release and emphasized the importance of US-Nigeria cooperation for international security and prosperity.
The White House also announced the formation of a new bilateral liaison group focused on illicit finance and cryptocurrencies, as a direct response to Gambaryan’s case and an attempt to bolster regulatory efforts in this field.
Nigeria’s decision to release Gambaryan and withdraw the charges demonstrates a growing realization of the need for deeper international cooperation to combat sophisticated financial crimes, particularly in new industries such as cryptocurrencies. Despite Gambaryan’s release, Binance still faces separate tax evasion accusations in Nigeria, indicating continuous monitoring of cryptocurrency operations.
This development comes at a time of renewed emphasis on cryptocurrency regulation, with the formation of a new US-Nigeria liaison group aimed at facilitating greater cooperation in monitoring illicit funding.
The Biden administration intends to use this relationship to manage the hurdles offered by decentralized financial networks and reduce the dangers connected with cross-border money laundering and tax evasion.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2024/10/19/u-s-attorneys-push-biden-to-free-binance-exec-in-nigeria/" target="_blank" rel="noopener noreferrer nofollow">U.S. Attorneys Push Biden to Free Binance Exec in Nigeria</a>
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Biden Praises Nigeria President Tinubu for Gambaryan’s Release

The Crypto Times

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