Nigerian minister reveals the real reasons for the arrest of a Binance executive
Date: 2024-06-13 Author: Oliver Abernathy Categories: IN WORLD
Arrest and charges
Nigeria's Minister of Information Mohammed Idris explained the real reasons for the arrest of Tigran Gambaryan, head of the financial crimes department of Binance. According to the minister, Gambaryan has been charged with complicity in money laundering, as well as illegal currency speculation, which aggravates the economic crisis in the country.
“$20 billion is much more than Nigeria’s budget for health and education. Binance's activities are fueling currency speculation and exacerbating the crisis in the country. In addition, Binance is not registered in Nigeria and has never paid taxes in our jurisdiction, all this time operating without supervision,” said Mohammed Idris.
Judicial measures
Earlier in May, the Federal High Court in Abuja refused to grant Gambaryan bail, citing concerns that he might abscond from justice. This decision followed an unsuccessful attempt by Gambaryan to leave the country, unlike his colleague, who managed to escape.
On June 1, former Binance CEO Changpeng Zhao began serving a four-month sentence in a maximum security US federal prison. Mohammed Idris pointed to this fact as confirmation of the legality of the arrest and the justification of the actions of the Nigerian authorities against the head of the crypto exchange department.
Impact on the economy
The minister stressed that Binance's activities without proper regulation and tax obligations pose a serious threat to Nigeria's economic stability. Introducing controls over cryptocurrency transactions and arresting key figures associated with violations is seen as a necessary step to protect the country's financial system.
The arrest of Tigran Ghambaryan and further actions of the Nigerian authorities show the seriousness of the country’s intentions in the fight against financial crimes and currency speculation. It is important to monitor this development to understand Nigeria's next steps in regulating the cryptocurrency industry and its impact on global cryptocurrency markets.
