Binance CEO, Richard Teng, has issued a stark plea for the release of Tigran, an employee who has been detained in Nigeria for six months under what Teng describes as unjust conditions.
In a statement shared with BitKE, Teng highlighted the severe deterioration in Tigran’s physical and mental health, exacerbated by inadequate medical care and lack of access to essential services.
According to Teng, Tigran, who is suffering from a herniated disc, is currently in significant pain and unable to walk. Despite the severity of his condition, the Nigerian government has reportedly denied him necessary medical treatment and access to a wheelchair. Furthermore, Tigran’s legal counsel has been obstructed, with a trial set to begin on September 2nd, which Teng argues is unconstitutional under Nigerian law.
In addition, Teng criticized the Nigerian authorities for their failure to comply with a court order to release Tigran’s medical records and for denying him access to a representative from the U.S. consulate. Teng described these actions as “inexplicable” and expressed deep concern over the long-term impact of this ordeal on Tigran’s well-being.
Teng’s statement also refuted claims made by the Nigerian government regarding Binance’s operations and their alleged impact on the country’s economy.
The Nigerian authorities have suggested that Binance’s activities are linked to the decline of the Nigerian Naira, a claim Teng disputes. He points out that the Naira’s dramatic depreciation began after the government ended its currency peg in June 2023, a move unrelated to Binance’s operations.
Moreover, Teng addressed the misconception that Binance’s revenue from Nigeria is significantly higher than it is.
🇳🇬REGULATION | #Binance Had an Untaxed Turnover of $20 Billion in Nigeria in 2023 Alone, Far Above the Federal Budget for Health and Education, Says Minister of Information
The Minister noted that Binance’s turnover was not taxed by the government and exceeded Nigeria’s budget… pic.twitter.com/5pqCu4WEb9
— BitKE (@BitcoinKE) June 10, 2024
He clarified that the reported $26 billion figure pertains to transaction volume, not revenue, and that Binance’s actual revenue from Nigeria is based on a small transaction fee.
“It is useful to point out that Nigeria has never been a big market for Binance.
The Government has said that we made USD$26bn in revenue from Nigeria in 2023. That is not the case. The $21.6bn figure is the total transaction volume from 2023.
To provide an understanding of transaction volume: if a person were to take $1000 and trade it 1000 times, that would represent $1m in transaction volume. Our actual revenue is based on charging a small percentage of transaction fee and we are proud to offer our users some of the lowest transaction fees of any exchange globally.” – CEO, Binance
Teng concluded his statement with a call to action, urging the U.S. government and global citizens to advocate for Tigran’s release.
🇳🇬REGULATION | U.S. Lawmakers Demand Release of Binance Official as Nigeria Announces Commencement of Tax Evasion Trial
According to the lawmakers, Rep. French Hill from Arizona and Rep. Rich McCormick of Georgia, the U.S. government should consider Gambaryan as someone who is… pic.twitter.com/u1fQWBzZVl
— BitKE (@BitcoinKE) July 13, 2024
He hopes that U.S. officials will apply pressure to ensure Tigran’s return to the U.S. for proper medical treatment and reunification with his family.
Teng also expressed a willingness to collaborate with Nigerian authorities to advance the Web3 industry and foster economic growth in the country once the situation is resolved.
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