The US State Department has taken an active role in the case of Tigran Gambaryan, a Binance executive and US citizen detained in Nigeria, amid growing concerns about legal implications and the safety of foreign nationals conducting business in the country.

The State Department has confirmed that it is in constant communication with Gambaryan, his family, and legal team, providing necessary support to address his prolonged detention, which has sparked significant concern both domestically and internationally. Over 70 days have passed since Gambaryan's arrest, and the State Department is committed to ensuring his safe release.

Binance CEO Raises Concerns Over Executive's Detention

Binance CEO Richard Teng has expressed deep concerns about Gambaryan's safety and legal implications of his arrest, which occurred under suspicious 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.

Allegations of Market Manipulation

Amidst the controversy over Gambaryan's detention, Binance has faced 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.