US State Department Assures Support for Detained Binance Employee in Nigeria

Highlights

The US State Department is actively involved in supporting Tigran Gambaryan, a detained Binance executive in Nigeria.
Binance CEO Richard Teng has expressed serious concerns about the circumstances surrounding Gambaryan's detention.
Binance refutes claims reported by The Wall Street Journal regarding market manipulation on its platform.

The US State Department has confirmed its active involvement in the case of Tigran Gambaryan, a Binance executive and US citizen detained in Nigeria. Over 70 days have passed since Gambaryan’s arrest, and the State Department spokesperson stated they are in constant communication with him, his family, and his legal team. They are committed to providing all necessary support to address his prolonged detention, which has sparked considerable concern both domestically and internationally.

Binance CEO Raises Concerns Over Executive’s Detention

Richard Teng, CEO of Binance, has voiced significant worries regarding the safety and legal implications of Gambaryan’s arrest, which occurred under dubious circumstances. According to Teng, Gambaryan was invited to Nigeria for a business meeting but was detained by local authorities immediately upon arrival. This incident has raised serious questions about the safety of foreign nationals engaging in business in Nigeria, pushing for a swift diplomatic resolution to mitigate the risks to international business relations.

Amidst the controversy over Gambaryan’s detention, Binance has had to confront allegations of allowing market manipulation on its cryptocurrency exchange platform. These allegations, initially reported by The Wall Street Journal, have been strongly denied by Binance.

The company maintains that it has strict protocols to prevent any form of market abuse and has been proactive in enforcing its rules. Over the last three years, Binance has terminated the accounts of nearly 355,000 users, who collectively handled transactions worth over $2.5 trillion, for violating its terms of service.

IMF Calls for Enhanced Crypto Oversight in Nigeria

In related news, the International Monetary Fund (IMF) has advised Nigeria to establish registration or licensing requirements for global cryptocurrency trading platforms operating within its borders. This recommendation came after the 2024 Article IV consultation with Nigeria, which focused on strengthening the country’s financial stability. The IMF emphasized the necessity of a robust regulatory framework for the cryptocurrency market to ensure investor protection and maintain financial order.

TAGS
Binance

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Maxwell Mutuma

Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.