Binance Navigates Nigerian Legal Challenges, Receives Dubai License
Binance is actively cooperating with Nigerian authorities over the detention of its executives. Meanwhile, it secures a license in Dubai amid global regulatory scrutiny.
In response to the detention of its head of financial crime compliance, Binance has been working closely with Nigerian authorities. Tigran Gambaryan, along with another Binance official, faces accusations of laundering over $35 million. The case, adjourned until May 2, is under investigation by Nigeria’s anti-corruption body.
At the Token2049 crypto conference in Dubai, Binance CEO Richard Teng addressed the situation, stating they are actively engaged with Nigerian authorities to resolve the matter. Meanwhile, Nadeem Anjarwalla, another executive, fled Nigeria last month.
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The executives were detained upon their arrival in Nigeria after the country imposed a ban on several cryptocurrency trading websites. The detentions are an isolated incident for Binance, according to Vishal Sacheendran, head of regional markets.
In addition to the EFCC case, Nigeria tax agency charged Binance and the executives with tax evasion. The tax evasion case is scheduled for court on Friday, alongside charges of currency speculation and money laundering.
Meanwhile, Binance received a license from Dubai regulator, VARA, enabling it to serve retail, qualified, and institutional clients. Although reports suggested founder Changpeng Zhao relinquished control, Teng dismissed them as speculation.
Regarding Binance headquarters, Teng disclosed potential locations but refrained from specifics. Amid regulatory scrutiny, Binance navigates legal challenges while expanding its global reach.
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