Crypto exchange Binance is urgently appealing to the US government and global organizations to exert political pressure on Nigeria to secure the release of one of its top executives, Tigran Gambaryan, who has been “unjustly detained” for the past six months.

Binance Denounces Unjust Detention 

According to a Tuesday statement from Binance CEO Richard Teng, Gambaryan, a US citizen, is experiencing severe physical and mental deterioration due to the Nigerian government’s refusal to provide him with adequate medical care or access to legal counsel. 

Despite a court order demanding the release of Gambaryan’s medical records, the authorities have reportedly failed to comply with the requests. Teng said:

Tigran’s physical and mental conditions have deteriorated rapidly, and his situation is now more dire than ever. He is in severe pain and unable to walk due to a herniated disc. Despite his condition, the Nigerian government has denied him adequate medical care, including basic needs such as access to a wheelchair.

The Binance executive’s detention has been marred by what the company describes as “baseless allegations” linking the cryptocurrency exchange to Nigeria’s economic woes, including the steep decline of the Naira currency. 

Teng refuted these claims, stating that Binance’s operations in Nigeria have been relatively small and that the Naira’s plunge is attributable to broader macroeconomic factors beyond the company’s control:

There is no need to imprison an innocent employee to answer for any allegations against Binance. We have settled issues in countries around the world, including the U.S., Thailand, and most recently in Brazil and India, in a reasonable, collaborative, and amicable manner with governments. All these were done without threat or harm inflicted on our employees.

Pressure Mounts On Nigeria To Free Gambaryan

Binance is now calling on the US government to designate Gambaryan as one of its “unlawfully detained” citizens overseas. This status could mobilize significant political pressure on Nigeria to release him on humanitarian grounds. 

The company is also urging citizens and organizations globally to advocate for Gambaryan’s freedom and to condemn Nigeria’s “unjust detention practices.”

However, Teng has expressed its willingness to work with the Nigerian government in the future to support the development of the country’s Web3 industry and attract foreign investment. Still, only once the Gambaryan case has been resolved. The CEO concluded by stating:

Key stakeholders in the government of Nigeria decided to unfairly and unlawfully detain Tigran, and they can just as easily make the fair decision to allow Tigran, a former U.S. federal agent, to go home. We appeal on humanitarian grounds to all decision-makers in Nigeria to allow Tigran safe passage home to his wife and two young children.

At the time of writing, the exchange’s native token, BNB, is trading at $552, registering a price correction of nearly 2% in the last 24 hours.

Featured image from DALL-E, chart from TradingView.com

The Russian government will soon start trials on cryptocurrency exchanges and digital token usage for cross-border transactions.

According to a Bloomberg report, they are scheduled to begin on September 1 and are aimed at alleviating payment difficulties for local companies dealing with international sanctions.

Crypto Trials

The tests will focus on swapping between rubles and cryptocurrencies, offering a potential lifeline to companies struggling with cross-border payments.

Since the imposition of a tighter embargo by the United States in June, which expanded the criteria for sanctioning foreign banks dealing with Russia, the country has faced increasing challenges in paying overseas suppliers and receiving payments for exported goods.

This development follows recent legislative changes aimed at integrating digital assets into Russia’s financial system.

In July, their parliament passed bills legalizing crypto mining and creating a framework for testing digital tokens in cross-border payments, all under the supervision of the Central Bank. President Vladimir Putin signed these bills into law on August 8, clearing the way for the upcoming trials.

The move to experiment with cryptocurrencies represents a shift from the central bank’s position in 2022. Back then, the bank advocated for a blanket ban on the use and creation of digital assets, citing concerns over financial stability and illegal activities.

According to the state-run Tass news agency, Finance Minister Anton Siluanov, speaking at a forum on August 14, acknowledged the authorities’ ongoing efforts to find ways to legalize exchanges.

“We haven’t found a solution yet on how to do this,” he admitted, highlighting the complexities of integrating digital currencies into the national financial infrastructure.

Crypto Trials Could Lead to Official Platforms by 2025

This initiative will be closely monitored by the central bank, which selected the National Payment Card System (NPCS) for the tests due to its existing infrastructure and regulatory framework.

The system, established in 2014, is known for operating the Mir cards and instant interbank payment systems and is fully regulated by the Central Bank of Russia, making it a suitable platform for the country’s first official crypto exchange tests.

If successful, this could pave the way for the Moscow Exchange and the St. Petersburg Currency Exchange to launch official cryptocurrency platforms as early as next year.

According to sources, any existing digital asset will be eligible for use in the tests, which could significantly broaden the country’s scope of electronic financial transactions.

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