Regulation
Binance CEO Richard Teng Refutes $26B Revenue Claim In Nigeria Lawsuit
Binance CEO Richard Teng has issued a powerful response to the Nigerian government’s allegations regarding the company’s operations in the country. The ongoing legal battle has seen Binance and two of its executives, Nadeem Arjarwalla and Tigran Gambaryan, face charges of money laundering and tax evasion. The case, initially scheduled for October 11, has now been brought forward to September 2 following requests from the defense.
Binance CEO Richard Teng Calls Out Nigerian Govt’s Misreporting
The Nigerian government claims that Binance earned $26 billion in revenue from its activities within the country in 2023. Teng, however, firmly denied this accusation ahead of the September 2 hearing in Binance vs. Nigeria lawsuit. He clarifying that the figure cited by the Nigerian authorities is misleading. “The Government has said that we made $26B in revenue from Nigeria in 2023. That is not the case,” Teng stated in an official statement.
He explained that the exchange’s transaction volume in Nigeria for 2023 was $21.6 billion, which is much less than the claimed revenue generated in the region. Hence, the actual revenue generated has to be much lesser. The Binance CEO further elaborated, “Our actual revenue is based on charging a small percentage of transaction fees, and we are proud to offer our users some of the lowest fees of any exchange globally.”
Teng Dismisses Claims Tied To Naira Devaluation
The case against the crypto exchange also includes allegations that the company’s activities contributed to the depreciation of the Nigerian Naira. Teng refuted these claims, attributing the naira’s decline to broader macroeconomic factors rather than Binance’s operations. “Another claim made by the Nigerian government was that Binance was responsible for its currency’s decline, which is not backed up by facts,” the Binance CEO asserted.
Teng provided a detailed account of the Naira’s exchange rate movements, noting that between 2021 and 2022, the naira traded within a relatively narrow range. He pointed out that the most significant drop occurred after the Nigerian government ended the Naira’s currency peg in June 2023, leading to a dramatic depreciation.
“The Naira traded at a recent low of USD1:1,660 on July 31, 2024, representing a 50% decline from the start of 2024,” Teng said. He emphasized that this downward trend continued even after the exchange ceased offering its peer-to-peer (P2P) services in the country in February 2024.
Tigran Gambaryan’s Health Worsens
A significant aspect of the controversy involves the detention of Tigran Gambaryan. He is Binance’s Head of Financial Crime Compliance, who has been held in Nigeria since February. Binance CEO Teng expressed deep concern over Gambaryan’s deteriorating health and the Nigerian government’s refusal to provide adequate medical care or allow him access to legal counsel.
“Tigran’s physical and mental conditions have deteriorated rapidly, and his situation is now more dire than ever. He is in severe pain and unable to walk due to a herniated disc,” Teng revealed. The CEO also condemned the Nigerian government’s alleged failure to comply with court orders demanding the release of Gambaryan’s medical records and the denial of access to his U.S. consulate representative.
Teng characterized these actions as “inexplicable” and appealed for Gambaryan’s release on humanitarian grounds. “I appeal once again for the Nigerian government to allow him to go home to his family on humanitarian grounds so that he can seek the appropriate medical treatment in the US,” Teng urged.
In his statement, the Binance CEO called on the U.S. government to intervene and designate Gambaryan as one of its “unlawfully detained” citizens overseas. He also appealed to the international community to voice their concerns about the Nigerian government’s actions.
“People globally should add their voices and concerns, convincing the Nigerian government such unilateral action without a strong basis will be detrimental to the long-term economic development and well-being of the country,” he said.
Kritika Mehta
Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cryptocurrency investors in Japan are bracing for impact following a plan to reclassify digital assets as financial products. While the plan has elicited excitement from cryptocurrency enthusiasts in the Far East, the ambitious plan will have to scale several legislative hurdles.
Japan Targets Reclassification Of Cryptocurrencies As Financial Products
According to a report by Nikkei, Japan’s Financial Services Agency (FSA) is inching toward classifying cryptocurrencies as financial products. Per the report, the FSA intends to achieve the reclassification via an amendment to the Financial Instruments and Exchange Act.
Currently, digital assets in Japan are considered crypto assets conferred with property rights and seen as payment means. Under the FSA’s plans, cryptocurrencies in Japan will be treated as financial products in the same manner as traditional financial products.
The FSA says it will adopt a slow and steady approach toward the reclassification, carrying out “a private expert study group” to test the waters. If everything goes according to plan, the FSA will submit the amended bill to Parliament in early 2026.
The classification of cryptocurrencies as financial products will have far-reaching consequences for the local ecosystem. Experts say treating cryptocurrencies as financial products will bring Japan closer to a crypto ETF launch amid a changing regulatory landscape.
Furthermore, the move may lower current cryptocurrency taxation for local investors since existing capital market rules will apply to the asset class.
A Fresh Bill For Crypto Insider Trading Is Underway
Apart from the reclassification, the FSA disclosed plans for new legislation against insider trading. The move flows treating cryptocurrencies as financial products and will strengthen existing investor protection rules.
“It is a direction to establish a new insider trading regulation that prohibits trading based on unpublished internal information,” said the FSA. “We will develop laws to prevent unfair transactions.”
However, Japan’s cryptocurrency scene is heating up to a boil, driven by local and international players. Last week, stablecoin issuer Circle secured approval from the FSA for USDC with top exchanges set to list the stablecoin.
Japan’s Metaplanet has tapped Eric Trump to join its Strategic Board of Advisors as it continues to load up Bitcoin.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In what is being dubbed a major development in the crypto regulation space, the Governor of the US state of Kentucky, Andy Beshear, has signed the ‘Bitcoin Rights’ bill into law. The law promises to safeguard protections for Bitcoin (BTC) users.
Bitcoin Rights Bill Comes Into Effect
Crypto regulations continue to evolve under pro-crypto US President Donald Trump’s administration. In the latest development, Kentucky has become the newest state to enshrine protections for digital asset users.
In an X post published on March 24, crypto advocacy group Satoshi Action Fund announced that Governor Beshear had signed the much-anticipated Bitcoin Rights bill into law. The post stated:
The right to self-custody, run a node, and use of digital assets is now protected for millions of Americans without fear of discrimination.
The bill was first introduced to the Kentucky House by Rep. Adam Bowling on February 19. According to the bill’s description, it seeks to safeguard users’ rights to use digital assets and self-custody wallets. Additionally, it aims to prohibit local zoning changes that discriminate against crypto mining operations.
The legislation outlines guidelines for running a digital asset node and excludes digital asset mining from money transmitter license requirements. It also clarifies that crypto mining or staking is not considered an offer or sale of securities.
On February 28, the bill passed Kentucky’s House of Representatives with a unanimous vote of all 91 representatives in favor. It later passed the Kentucky Senate on March 13, receiving backing from all 37 senators.
Kentucky’s proactive stance toward cryptocurrencies isn’t new. Earlier this year, the state became the 16th US state to introduce legislation seeking to create a Bitcoin strategic reserve.
Meanwhile, neighboring state Arizona is also joining the crypto movement. A recent X post by Bitcoin Laws revealed that Arizona’s House Rules Committee has passed two Bitcoin reserve bills — SB1373 and SB1025. These bills will now head to a full floor vote.
Renewed Optimism Under Trump Administration
Following Trump’s victory in the November presidential election, cryptocurrency regulations in the US are evolving rapidly, with many states introducing legislation aimed at strengthening their digital asset ecosystems and attracting crypto businesses.
Positive changes in crypto regulations are encouraging industry businesses to expand. For instance, leading crypto trading platform Coinbase recently announced plans to hire 1,000 employees in the US.
The Trump administration has also witnessed several lawsuits being dropped against major crypto entities, including Kraken, Coinbase, Gemini, and others. At press time, Bitcoin trades at $87,399, down 0.2% in the past 24 hours.
Featured Image from Unsplash.com, chart from TradingView.com
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Hawk Tuah girl Hailey Welch, known for her association with the controversial $HAWK token, has been cleared of any wrongdoing after a lengthy investigation by the U.S. Securities and Exchange Commission (SEC). The SEC has decided not to press charges against Welch in connection with the rapid rise and subsequent collapse of the meme-based cryptocurrency.
US SEC Investigation Into Hawk Tuah Girl Concludes Without Charges
The SEC had launched an investigation into the $HAWK token after its dramatic price drop. The token, which was linked to Welch’s viral persona, initially saw a market cap surge to $490 million before crashing by over 90%. Investors who were impacted by the crash filed a lawsuit against those behind the project, alleging that the coin had been promoted and sold without proper registration.
Hawk Tuah girl Hailey Welch, who cooperated fully with the investigation, expressed relief after the SEC’s decision. “For the past few months, I’ve been cooperating with all the authorities and attorneys, and finally, that work is complete,” Welch told TMZ.
Her attorney, James Sallah, confirmed that the SEC had closed the case without any findings against her, adding that there would be no monetary sanctions or restrictions on Welch’s future involvement in cryptocurrency or securities.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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