Unbelievably, Tigran Gambaryan’s prosecution as a Binance CEO and former US federal spy has been postponed to September 2, 2024.
This is occurring during a period of great uncertainty and discussion in the bitcoin space. In February 2024 Gambaryan was taken into custody in Nigeria on several allegations of bitcoin laundering $34 million. The charges connected to Binance’s local activities.
People are enraged that the hearing was hurried forward so quickly and that Gambaryan cannot meet with his counsel.
On August 27, Binance CEO Richard Teng voiced some questions about this development and what it would mean for the trial’s result. Given no attorneys present, there are grave doubts about the fairness of the processes.
Many people are curious in why Gambaryan was arrested and imprisoned as the Binance CEO has been kidnapped in Nigeria for almost six months. His family claims that long-term medical negligence is the reason his health deteriorated throughout this period. His family argued in a public statement that since his condition was worsening he should be released immediately.
Given how unwell Gambaryan is, Binance CEO Richard Teng has also expressed concerns and demanded his swift release. As the crypto community presses the government to release Gambaryan as his trial date draws near, Teng’s demands for action find resonance.
Binance Blamed For Naira’s Significant Decline By Nigerian Government
The charges directed against Gambaryan fit a broader general and convoluted slate of charges. For instance, the Nigerian government claims that the main reason the naira their currency values dropped was Binance.
The government argues that Binance lost more than half of its value, hence it bears some of the blame for the appreciable decline in the naira value in 2023. As of July 31, 2024 the currency rate was just 1,656 nairas to the US dollar.
Even though Binance stopped offering peer-to-peer services in Nigeria in February 2024, the naira has continued to fall, which supports the government’s claims that the exchange is to blame for the currency’s problems.
Nobody knows what will happen once the trial of Gambaryan gets underway. One can pretty precisely see his posture and the more general consequences on Exchange. Since the trial entails a lot of stakes for the suspect as well as the exchange he works for, many people all around are closely following it.
