Binance CEO Richard Teng addressed common myths about the company's activities in Nigeria. He also defended Tigran Gambaryan, a Binance executive detained by Nigerian authorities since February.
Allegations Against Binance Employee
In a blog post on the Binance website, Richard Teng demanded the release of Tigran Gambaryan, a Binance executive detained in Nigeria. Teng stated that Tigran was arrested on baseless charges and should not remain in detention.
Naira Decline Allegations
According to Richard Teng, Binance is not responsible for the naira's depreciation. Nigerian authorities previously accused cryptocurrency exchanges of contributing to naira's decline. However, Richard Teng pointed to other factors, such as the ending of the naira's peg to the dollar in 2023.
Nigeria's Significance to Binance
Richard Teng emphasized that Nigeria has never been a major market for Binance. The total transaction volume in 2023 was $21.6 billion, but this does not mean Nigeria was a significant source of that volume.
Binance CEO Richard Teng concluded his statement by calling on the American authorities to help bring Tigran Gambaryan home and expressed hope for future collaboration with the Nigerian government to develop the Web3 industry.
Comments