Binance CEO Teng Says Nigeria Must Release Gambaryan, Detention Sets 'Dangerous New Precedent'

The government of Africa’s most populous nation is struggling with an economic crisis that sent its currency to a record low against the dollar in March while inflation climbed to a 28-year high of 33.2%. In February, Bank of Nigeria Governor Olayemi Cardoso said Binance had allowed $26 billion of funds to leave the country untraceably last year, hitting tax revenues. Binance has been trying to contact the country’s Securities and Exchange Commission since 2022 to clarify the licensing requirements, though it hasn’t received responses to its approaches, Teng wrote.