Binances new CEO said the cryptocurrency exchange is a more mature company now.

Speaking with CNBC Tuesday (April 9),Richard Tengacknowledgedconcernsraised by theU.S. Department of Justice which fined Binance $4.3 billion last year over the companys better to ask for forgiveness than permission ethos.

In those very early stages of development Binance was operating in a certain fashion, Teng told CNBCs Arjun Kharpal at the Paris Blockchain Week crypto conference. But we have moved past that. As the company moves into greater maturity, we are looking at sustainability. The direction of travel now is very clear toward much more compliance, which is why were building up a very robust compliance program.

Binance agreed topay the finein November to settle a case brought by the federal government. Former Binance CEOChangpeng Zhaopleaded guilty to failing to establish proper money laundering controls and agreed to resign from the company. He is due to be sentenced in three weeks and could face up to 18 months inprison.

The plea deals marked the conclusion of a lengthy investigation into the worlds largest crypto exchange.

Prosecutors said that Binance under Zhao had prioritized Binances growth over compliance with U.S. law, CNBC reported.

U.S. authorities also accused Binance of permitting transactions between users in the U.S. and those in jurisdictions that were under American sanctions, per the report.

Meanwhile, Binance is contending with legal issues in other countries, such as Nigeria, where its head of financial crime compliance,Tigran Gambaryan, has been charged withtax evasionand money laundering.

Gambaryan, who is a U.S. citizen, has beendetained in Nigeriasince arriving in the country last month after the government said Binance was operating there illegally.

He was taken into custody along with another executive, Nadeem Anjarwalla, a British-Kenyan who is Binances regional manager for Africa. Anjarwallaescaped custodyand fled Nigeria in March. Binance has said Gambaryan was not responsible for any actions by the exchange, as he had no decision-making power in the company.

Both Gambaryan and Anjarwallasuedthe Nigerian government last month, accusing the countrys national security advisor, Nuhu Ribadu, and the Economic Financial Crimes Commission of violating their fundamental human rights. The executives have asked the Federal High Court to order the agencies to release them, return their passports and apologize publicly.

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Binance Is Building 'Robust Compliance Program,' CEO Says - PYMNTS.com

Discover how BlockDAG Coin's trailblazing $2 million giveaway outperforms Ethereum news and Arbitrum (ARB) price in the crypto space.

Recently, on Ethereum news, a surge was forecasted, and the Arbitrum price momentum is capturing the crypto community's attention. Amidst this, BlockDAG emerges as a game-changer, with its presale already generating $16.4 million and a $2 million mega giveaway, signalling a rapid sell-out. The 30,000x ROI potential makes BlockDAG the highest ROI crypto, paving a new path for investors looking for a clear front-runner in the digital finance revolution.

Arbitrum (ARB) has been going through ups and downs in the cryptocurrency market. Recently, its price dropped by 31% over two weeks. But now, there are signs that buyers might be returning, which could lead to a turnaround for ARB. Some indicators show that ARB might be on the rise again. The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) show positive signs, suggesting buyers are getting interested again.

However, there are still challenges ahead. To recover fully, ARB needs to surpass certain price levels. If it fails to do so, it might drop further before bouncing back again. For investors, monitoring the market and making informed decisions is essential. While there are promising signs for ARB's comeback, there are also risks. By staying informed and cautious, investors can take advantage of opportunities while navigating the cryptocurrency market's volatility.

Ethereum's price increased by 8% recently, higher than that of other cryptocurrencies like Bitcoin. It is now close to its highest point this year but still lower than its highest ever. Traders are optimistic about Ethereum's future and target higher prices by the end of April.

There's a lot of interest in Ethereum options, where traders bet on its price movements. This suggests that many believe Ethereum's price will increase in the coming weeks. However, only some are so positive. Some experts think that the recent excitement around Ethereum might not last if certain events, like the approval of Ethereum investment funds, don't happen.

BlockDAG's audacious $2 million mega giveaway is becoming a hot talk in crypto community engagement. By requiring participants to hold a minimum of $100 in BDAG and encouraging involvement through a series of tasks, BlockDAG ingeniously boosts brand visibility while deepening its relationship with the community. This increases the coin's user base and elevates its status to potentially the highest ROI crypto, positioning BlockDAG as an attractive investment.

Unlike traditional strategies seen in Ethereum news or the Arbitrum (ARB) price fluctuations, BlockDAGs approach directly rewards community involvement, setting a new benchmark in how crypto projects foster loyalty and excitement. With a promising potential ROI of 30,000x, BlockDAG has captured the attention of investors worldwide.

Its presale, initially slated to last three months, has already soared to $16.4 million in record time. Such overwhelming demand underscores investors' confidence in BlockDAG's prospects. With projections indicating a price of $10 by 2025, BlockDAG offers a glimpse and a tangible pathway toward significant growth and returns in the coming years.

BlockDAG's $2 million mega giveaway stands out as a bold move in the cryptocurrency space, directly engaging with its community in a way that's both impactful and reflective of its innovative spirit.

This approach not only marks a departure from the traditional methods of giants like Ethereum and Arbitrum but also underscores the evolving nature of community engagement strategies within the crypto industry. With an impressive presale that quickly amassed $16.4 million and a vision that promises up to 30,000x ROI, BlockDAG is carving a path for those seeking more than just investment but a revolution in digital finance.

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Disclaimer: This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $400. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.

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Binance Labs' 52nd Project: What is Omni Network? - BSC NEWS

Binance has announced the 52nd project on Binance Launchpool Omni Network (OMNI), a layer 1 blockchain designed to integrate Ethereums rollup ecosystem into a single, unified system.

Users will be able to stake their BNB and FDUSD into separate pools to farm OMNI tokens overfour days, with farming starting from 2024-04-13 00:00 (UTC).

Binance will then list OMNI at 2024-04-17 12:00 (UTC) and open trading with OMNI/BTC, OMNI/USDT, OMNI/BNB, OMNI/FDUSD and OMNI/TRY trading pairs.

OMNI Launchpool Details:

Supported Pools:

Project Links

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Binance Launchpool Announces Omni Network as 52nd Project - Crypto Reporter

Binance, a top cryptocurrency by trading volume, is introducing Omni Network (OMNI) as its 52nd Launchpool project, per an update on April 12.

The Launchpool platform has played host to a number of major token launches in recent years, including big names like Pendle Finance (PENDLE).

To participate in the token launches, users must stake BNB or FUSD to farm OMNI coin.

BNB stakers will be able to participate for their share of 2,975,000 OMNI, or 85% of the allocated amount, during this period.

For fairness, a maximum hourly hard cap per user has been set to 3,098.95 OMNI in this pool. Over 60,000 BNB holders have already staked.

Meanwhile, FUSD stakers will share 525,000 OMNI, or 15% of the total supply. A user can receive a maximum of 546.87 OMNI every hour from data, more than 43,000 FUSD holders have staked so far.

875,000 OMNI will be distributed daily for four days starting on April 13. Once this farming period elapses, Binance will list OMNI for trading onApril 17 in a highly anticipated token launch.

However, not everyone can participate. BNB or FUSD holders from the United States, New Zealand, Japan, and five other countries are among those not eligible to farm.

(Popular Binance Launchpool Tokens)

Omni Network developers are opting to use the Binance Launchpool, following the route taken by other successful projects like Sui Network (SUI) with the Launchpool benefiting supporters as follows:

Omni Network is building a layer-1 blockchain similar to Ethereum or Solana. It aims to resolve the challenges faced by leading networks.

The platform offers built-in access to Ethereums vast user base and liquidity while connecting all rollup networks through restaking for higher scalability.

By integrating all roll-ups, Omni prevents fragmentation, considering how quickly layer-2 solutions using rollups are finding adoption.

Omni has over 400,000 users, and more than 30 projects are being built on its rails.

Explore: What Is Saga Crypto? Top Exchange Binance Reveal 51st Launchpool Project Over $2Bn Staked

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital

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Binance Unveils Omni Network (OMNI) as The 52nd Launchpool Project - 99Bitcoins

Key Takeaways

After settling disputes with U.S. regulatory bodies, including the Department of Justice, Binances CEO has unveiled the companys forward-looking priorities and development plans.

Emphasizing a transition towards a more mature operation phase, he highlighted a strategic pivot towards long-term sustainability for the cryptocurrency enterprise.

Part of this involves deciding where the once-ethereal exchange would be headquartered and thus impacted by national regulations.

Recently, Richard Teng, Binances newly appointed CEO, shared insights into the cryptocurrency exchanges future direction following its settlement with U.S. authorities, including the Department of Justice (DOJ).

Teng addressed the earlier allegations against Binance, noting they were tied to the exchanges formative years when regulatory frameworks and guidelines were still unclear and evolving.

He said:

But we have moved past that as the company move into greater maturity We are looking at sustainability; the direction of travel is very clear towards much more compliance, which is why were building up a very robust compliance program.

In November of last year, Binance concluded its extensive legal engagement with U.S. regulatory bodies by agreeing to a settlement of $4.3 billion.

This sum was divided into a $2.5 billion forfeiture and a $1.8 billion penalty. The settlement followed allegations against the cryptocurrency exchange for failing to comply with the Bank Secrecy Act, leading to the resignation of its then-CEO, Changpeng Zhao (CZ), who also faces pending sentencing. Additionally, U.S. authorities charged Binance with enabling transactions violating U.S. sanctions.

Binance has recently formed its inaugural board of directors, which has sparked interest due to the predominance of company insiders, supplemented by a few non-executive members. CEO Richard Teng supported the composition, highlighting the boards comprehensive grasp of Binances distinct operational model as essential for steering the company forward.

He described the board as a balanced mix of internal and external perspectives, crucial for the companys stewardship.

Moreover, the quest for a permanent global headquarters for Binance is ongoing, with Teng acknowledging the complexity of the decision. The selection process is described as meticulous, with the aim of settling in a jurisdiction that supports the companys wide array of products and services, meets the needs of its user base, and can accommodate a significant portion of its workforce.

Paris has been floated as a potential site for the global headquarters, illustrating the strategic considerations Binance is weighing in its decision-making process.

Teng concluded:

There are various considerations at play that we need to look at seriously, and were going through a very deliberate process Were going to see a corporate headquarters like we see for other corporate institution and thats the journey we have to go on.

Binances track record across the globe with regulatory authorities does not read well. The exchange has been pushed out of several countries and is currently facing a crisis in Nigeria, where one of its executives has been detained.

The route to finding a headquarters may indeed be complex but also difficult for a company that has accumulated much baggage in its formative years.

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Binance's Future "Sustainable" Explains Richard Teng Following $4.3 Billion Settlement, But Where Will it Headquarter? - CCN.com

The European Securities and Markets Authority (ESMA) has issued a warning about the high concentration of trading activity on a limited number of cryptocurrency exchanges.

According to the regulators analysis, a single platform, Binance, controls roughly half of the entire market, while just 10 exchanges handle about 90% of all cryptocurrency trades.

The ESMAs report, released on Wednesday, also highlighted significant variations in market liquidity, with larger exchanges typically exhibiting higher levels of liquidity. While this concentration may offer efficiency benefits due to economies of scale, the regulator expressed considerable concerns about the potential implications of a failure or malfunction at a major asset or exchange for the wider crypto ecosystem.

The ESMAs examination of the fiat currencies used within the crypto market revealed a strong dependence on the US dollar and the South Korean won, with the Euro playing a comparatively minor role, accounting for only about 10% of transactions. The regulator noted that the Markets in Crypto Assets (MiCA) regulation has not yet resulted in any observable increase in the use of the Euro within the cryptocurrency market. However, the ESMA expects that MiCA could potentially catalyze growth upon its implementation in 2024, given its focus on strengthening investor protection within the market.

The regulator also challenged the notion of crypto assets serving as a safe haven during periods of broader market distress. The report identified a degree of co-movement between crypto assets and equities, while also highlighting the absence of a consistent relationship with gold, a traditionally recognized safe-haven asset.

The ESMA emphasized the inherent opacity of crypto transactions, which makes it challenging to pinpoint their origin. However, a significant portion of crypto exchanges are found to be situated in jurisdictions characterized as tax havens. According to the regulator, roughly 55% of transactions are conducted on crypto exchanges licensed under the EUs VASP framework, although a substantial proportion of these transactions likely occur outside the European Union.

The report also found that despite an increase in the number of actively traded crypto assets since 2020, the market remains highly concentrated. As of December 2023, just three cryptocurrencies Bitcoin (BTC), Ether (ETH), and the stablecoin Tether (USDT) comprise a substantial 74% of the total market capitalization and 55% of the annual trading volume.

The report follows Ripple CEO Brad Garlinghouses recent prediction that the total market capitalization of the crypto industry could double to $5 trillion by the end of 2023. In March, Bitcoin hit a new all-time high, surpassing $71,000 for the first time, following the UKs Financial Conduct Authoritys approval of cryptocurrency exchange-traded products.

The upward trend gained momentum in January when the US securities regulator approved spot Bitcoin ETFs, a catalyst for the cryptocurrencys value, which breached $70,000 last week. Ethereum also crossed the $4,000 mark on Monday.

Featured image: Ideogram

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ESMA warns of crypto trading concentration on Binance - ReadWrite

Dispatch from Paris Blockchain Week

Breaking with its long standing policy of being based nowhere, Binance is in the process of establishing a global headquarters, CEO Richard Teng said Tuesday.

We are speaking to a few jurisdictions, a few are under consideration, Teng said during an on-stage interview at the Paris Blockchain Week conference.

The change comes as Binance, the worlds top crypto exchange, has come under fire in multiple markets for failing to obtain operating licences and comply with regulations.

Earlier this year, the Philippines blocked Binance from operating after the company failed to comply with licencing requirements.

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In March, Nigerian authorities charged Binance with money laundering and tax violations and incarcerated Tigran Gambaryan, a US-based compliance executive, in prison pending his trial.

Binance has protested Gambaryans detainment and called the allegations against him meritless.

Our utmost priority is to do what we can to bring him home as soon as possible, Teng said in Paris on Tuesday. The company is working closely with the Nigerian authorities to resolve the issue, he added.

When pressed for further details on the Nigerian crisis, Teng declined. I think we have really discussed enough of this subject matter. Lets move on, he said.

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Establishing a home base has long been a point of contention at Binance, even before Teng took over last November.

In 2019, co-founder and then-CEO Changpeng Zhao said that headquarters and offices were old concepts and that that time is moving on.

At a finance conference in London last fall, Teng bristled at questions about where the company was actually based. Why do you feel so entitled to these answers? he said during a video-linked interview.

Binances disregard for orthodox corporate practices and regulations caught up with it in 2023.

In November, the company pleaded guilty to violating US banking law by facilitating crypto transactions for sanctioned entities such as terrorist organisations and paid a $4.3 billion penalty. Zhao, who also pleaded guilty, resigned as CEO.

Teng, a onetime director of corporate finance at Singapores central bank, has experience in regulatory roles.

At Binance, he has vowed to install proper anti-money laundering and know-your-customer policies and comply with regulations.

Under the terms of Binances settlement with US authorities, an independent, court-approved monitor is scrutinising Binances progress on this front.

Teng appears to be hoping establishing a global HQ will signal that Binance is truly changing its ways.

Yet the details, including the location, remain fuzzy.

Its not so easy to pick one because there are a multitude of factors, said Teng, who is based in Singapore.

That includes how regulations would apply to Binances offerings, tax policies, and the ease of hiring and adding staff.

Liam Kelly is DL News Berlin correspondent. Contact him at liam@dlnews.com.

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Binance will finally establish a global HQ as regulatory pressure mounts, chief Richard Teng says - DLNews

Explore the innovative world of NuggetRush and Binance Coin as they revolutionize gaming and meme coin innovation.

As the highly-anticipated Bitcoin halving event nears, excitement builds in cryptocurrencies, with numerous coins poised for significant growth. Among these, Binance Coin (BNB) and NuggetRush (NUGX) are attracting attention, appearing ready for a remarkable surge. With institutional investors showing keen interest and market trends evolving favorably, NUGX and BNB seem poised for a paradigm-shifting rally in the digital asset market.

NuggetRush is thriving as one of the leading gaming tokens, offering players an engaging gaming experience with valuable in-game rewards and supporting artisanal miners in less developed nations. Each venture into a mine and every tactic devised carries the potential for uncovering valuable treasures in NuggetRush. Despite regulatory hurdles, BNB has successfully held its ground within the top 10 altcoins, showcasing impressive growth since the start of the year.

This article explores NuggetRush and Binance Coin, gearing up for a paradigm shift rally in the market.

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NuggetRush fosters a vibrant community of enthusiasts within a secure virtual realm, offering a comprehensive GameFi experience. By intertwining gold mining, cryptocurrency, and real-world artisanal mining into an inventive play-to-earn concept, NuggetRush is gearing for a paradigm shift rally. Leveraging the Ethereum blockchain, this new DeFi crypto project ensures widespread accessibility, inviting countless users to immerse themselves in the game's ecosystem.

This new DeFi crypto game seamlessly merges the excitement of exploration and strategic decision-making with the potential for tangible real-world rewards. Early supporters and adopters are pivotal, serving as advocates and furnishing invaluable feedback for a game poised for global acclaim. At the heart of NuggetRush's attractiveness lie its play-to-earn mechanism, captivating meme collectibles, and visually stunning aesthetics.

Thanks to GameFi, converting your gaming achievements into real-world assets has never been easier! With the NuggetRush platform, you can earn rewards through tournaments, quests, battles, ranked play, and more, regardless of your skill level or location. The game has gained popularity as one of the top gaming tokens, aiming to become a self-sustaining community that generates revenue.

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Players can buy or sell character NFTs on the active player-driven marketplace alongside other scarce NFT items and valuable mined materials. Following the conclusion of the presale, a substantial 50% of tokens will be distributed over 5 claim rounds, contingent upon your entry into the project. Holders of NUGX can anticipate a thrilling chance to win a remarkable $25,000 giveaway at the presale's culmination, reserved for three fortunate NUGX holders.

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Binance Coin, the leading cryptocurrency associated with the prestigious Binance exchange, has been on a remarkable upward trajectory lately. BNB has experienced a remarkable 45% surge in the past month, propelling it within a 19% reach of its previous all-time high of $690 recorded on May 10, 2021. This surge indicates BNB's current momentum and potential for further strengthening in the upcoming weeks.

BNB Chain recently embarked on an exciting endeavor, allocating a substantial $1 million fund to incentivize developers who create eligible meme coins and launch them on their network. This move represents a strategic step within Binance Coin Chain's broader vision to foster the growth and evolution of meme coin projects within its blockchain ecosystem.

Conclusion

As Binance Coin and NuggetRush gear up for a surge, investing in them now is the best decision. NuggetRush offers unique features that make it attractive as the best crypto to buy and positioned to yield investors substantial returns this year. With its partnership with gold providers, experts suggest that adding NuggetRush to your portfolio will make you a millionaire in the coming months.

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Disclaimer: This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $225. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.

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Binance Coin and NuggetRush Gear Up For a Paradigm-Shifting Rally - BSC NEWS

Table of Contents

In April, investors should keep an eye on Solana (SOL) and Binance Coin (BNB), both demonstrating promise in the cryptocurrency market. However, it's the lesser-known low-cap token, Retik Finance, that presents itself as the standout opportunity with significant potential for growth and performance. While Solana (SOL) and Binance Coin (BNB) show promise in April's cryptocurrency landscape, Retik Finance emerges as the dark horse with its low-cap status. This under-the-radar token holds the potential to outshine its larger counterparts, offering investors a compelling opportunity for growth and returns.

Since its inception, Binance (BNB) has rapidly emerged as one of the premier cryptocurrency exchanges worldwide, boasting an extensive array of trading options and features for users. The native token, BNB, found utility within the Binance ecosystem, offering benefits such as reduced trading fees, thereby driving its widespread adoption and value appreciation. Similarly, Solana (SOL) garnered attention with its high-performance blockchain, capable of facilitating thousands of transactions per second, effectively addressing the scalability concerns associated with older blockchain technologies. Both Binance (BNB) and Solana (SOL) captured the interest of investors, signaling the dawn of a new era in cryptocurrency wealth accumulation.

Retik Finance stands out as a comprehensive decentralized finance (DeFi) ecosystem aiming to revolutionize global transactions through innovative solutions and advanced technology. With its unique offerings such as Futuristic DeFi Debit Cards, Smart Crypto Payment Gateway, and AI-Powered Peer-to-Peer (P2P) Lending, Retik Finance provides newcomers with a gateway into the rapidly expanding DeFi sector. New investors can rely on Retik Finance's commitment to security, reliability, and community engagement, which have attracted significant attention from both investors and enthusiasts. By embracing Retik Finance, newcomers can actively participate in the dynamic realm of decentralized finance, exploring fresh avenues for growth and innovation in the cryptocurrency sphere. The platform has achieved a noteworthy milestone by securing over $32 million in total funds, reflecting its strong development momentum and active investor engagement. This achievement underscores Retik Finance's dedication to advancing and innovating within the cryptocurrency sector. Moreover, the platform's successful completion of a comprehensive audit by Certik, a highly respected blockchain security firm, enhances its credibility and resilience, instilling trust among investors. Strategic initiatives, such as the recent $333,000 giveaway event, have played a pivotal role in fostering vibrant community involvement and bolstering investor confidence in Retik Finance. This event rewarded the community for its support and also underscored the platform's commitment to engaging with its user base. Looking ahead, forthcoming announcements regarding Retik Finance's exchange listing and vesting schedule will be exclusively communicated through the platform's official social media channels, ensuring users stay informed about crucial developments and have access to accurate and timely information. In recognition of Retik Finance's achievements during the presale phase, the platform is excited to announce a special $5000 giveaway. Participating in this giveaway is straightforward: users are invited to share an original photo, video, or meme capturing their enthusiasm for Retik Finance. Twenty-five fortunate winners will each receive $200 as a token of appreciation for their steadfast support and dedication to the Retik Finance community. Furthermore, while Solana (SOL) and Binance Coin (BNB) exhibit promising potential for April, it's the under-the-radar gem, Retik Finance, that truly shines as the standout opportunity. With its innovative solutions, strong community engagement, and significant milestones achieved, Retik Finance represents a compelling choice for investors seeking exposure to the burgeoning decentralized finance sector and promising returns in the cryptocurrency market.

Retik Finance (RETIK) is a cutting-edge decentralized finance (DeFi) project revolutionizing global transactions with its innovative suite of financial solutions. Introducing futuristic DeFi Debit Cards, a Smart Crypto Payment Gateway, AI-powered Peer-to-Peer (P2P) lending, and a Multi-Chain Non-Custodial Highly Secured DeFi Wallet.

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Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the viewsof Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

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3 Cryptocurrencies to Watch in April: Solana (SOL) and Binance Coin (BNB) Are Promising, But This Low-cap Is the ... - CryptoDaily

Binance executive Tigran Gambaryan pleaded not guilty to charges of tax evasion and money laundering in Nigeria on Monday.

According to a press release from a family spokesperson for the Gambaryans, the Nigerian court ordered Gambaryan to be remanded at the Kuje correctional facility. In 2022, the Islamic State attacked the facility as part of a jailbreak.

I am begging the American government to do anything to get Tigran out and I am imploring the Nigerian government to realize that they are holding a completely innocent man. They can still do the right thing and release him whilst they negotiate with the actual decision-makers at Binance for a solution to the issues which they are facing, Yuki Gambaryan, his wife, said in a statement.

Read more: Binance adds 3 independent members to its board

A Binance spokesperson told Blockworks that the company is deeply disappointed that Tigran Gambaryan, who has no decision-making power in the company, continues to be detained. Tigran has been dedicated to public service and fighting crime for most of his life. These charges against him are meritless.

He should be freed while discussions continue between Binance and Nigerian government officials, the spokesperson added. The decision to send Gambaryan to the Kuje correctional facility is outrageous.

Binance previously told Blockworks that it was working collaboratively with the Nigerian government and publicly requested Gambaryans release in a blog post last week.

Gambaryan, the company added, should not be held responsible while current discussions are ongoing between Binance and Nigerian government officials.

Gambaryan and another Binance executive, Nadeem Anjarwalla, were detained in the country in late February as tensions between the country and the company began to build. Anjarwalla later fled the country after escaping detention.

Nigeria claimed in late February that $26 billion passed through Binance Nigeria and said that it was looking to impose a fine.

The charges, and the Binance employees pleading, come after a drawn-out court process.

Last week, the Nigerian court adjourned until April 19. At the time, a family spokesperson told Blockworks that the Gambaryans hoped that the government could sort through some of these administrative inefficiencies.

Binance ended support for the Nigerian Naira last month as the country detained its two executives.

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Binance 'deeply disappointed' about the ongoing detention of an executive in Nigeria - Blockworks