Binance still bullish on Nigeria after eight-month detention of executive

Richard Teng, chief executive officer of Binance, said on Thursday that the world’s largest cryptocurrency exchange is keen to play “a constructive role” in Nigeria’s effort to tap blockchain technology.

His remarks followed the release of the company’s executive Tigran Gambaryan after nearly eight months of detention in the country, which accused Binance earlier in the year of manipulating its exchange rate and forced it to stop operating there. 

He said: “Throughout this difficult period, Tigran has shown immense strength, and we commend his resilience in the face of such severe adversity. We are deeply thankful to everyone who dedicated countless hours to support Tigran’s release.

“Tigran’s health and well-being remain our top priority, and we are thankful he can now receive the medical care and rest he so urgently needs alongside his family.

“Binance remains committed to collaborating with global regulators to ensure compliance and transparency in the evolving digital asset space. We are eager to put this episode behind us and continue working toward a brighter future for the blockchain industry around the world. 

“With a young, tech-savvy population and a strong interest in digital finance, Nigeria is well-positioned to leverage blockchain technology to address economic and social challenges. We look forward to playing a constructive role in that effort.”