Nigeria’s Crypto Crackdown Heats Up As Damning Details Emerge From Binance
- Nigeria's crackdown on the cryptocurrency landscape and continued detention of Tigran Gambaryan, an employee at Binance, has drawn criticism from Binance CEO Richard Teng.
- Teng outlined the sequence of events dating back to 2022-2023 when Binance sought clarification from Nigeria's Securities and Exchange Commission (SEC) on cryptocurrency regulations.
- Despite Binance's attempts to resolve the situation and assurances of cooperation, Tigran remains detained.
The Nigerian government's crackdown on the cryptocurrency industry and the detention of a Binance employee have raised concerns about the country's approach to regulation. Binance CEO Richard Teng's criticism of the Nigerian authorities highlights the potential risks for companies operating in Nigeria. The hostile stance towards cryptocurrencies and the threat of account closures by fintech startups indicate a challenging environment for the industry.
