The US President Thanks Nigerian President for Release of Binance Executive from Jail

The latest statement released by the White House confirmed its commitment to fostering a better ecosystem for the cryptocurrency sector, which remains highly unregulated within U.S. jurisdiction.

Binance, a top-ranked crypto exchange known for its robust trading services for both experienced and new crypto investors, operates in nearly every country directly or through subsidiaries.

On October 29, 2024, the White House published a new statement regarding the conflict between Binance and Nigerian authorities. According to the statement, U.S. President Joe Biden expressed appreciation toward Nigerian President Bola Tinubu for the release of Binance executive Tigran Gambaryan last week.

Binance vs. Nigeria

Gambaryan, a former official with the U.S. Internal Revenue Service and Binance’s Head of Financial Crime Compliance, along with another Binance executive, Nadeem Anjarwalla, was arrested by Nigerian authorities in February on accusations of Binance profiting from illegal transactions locally. Criminal charges were filed against them on February 28. Anjarwalla later escaped from custody on March 22.

Gambaryan, held in jail under poor conditions without adequate medical care, struggled due to health issues. His treatment was deemed a violation of human rights.

He was released last week, with Nigerian authorities reportedly noting that Binance itself played no role in the alleged charges and that Gambaryan was a lower-level executive within the exchange.

Many crypto analysts suggest that these events imply political interference, and the latest White House statement may confirm that political factors were indeed at play.

Binance Coin price action

The current trade price of Binance Coin (BNB), a Cryptocurrency which is independently managed by other the project team but supported as a native token on the Binance platform, is $595.

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