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.
The U.S. Securities and Exchange Commission (SEC) has formally acknowledged the filing for Fidelity’s spot Solana (SOL) Exchange-Traded Fund (ETF).
This marks a key development in the financial industry, as Fidelity seeks to list its Solana ETF on the Cboe BZX Exchange. The acknowledgment comes after Fidelity submitted a proposed rule change, paving the way for the potential approval of the product.
Fidelity’s Spot Solana ETF Proposal
The SEC’s acknowledgment follows Fidelity’s filing to list and trade shares of the Fidelity Solana Fund under the Cboe BZX Exchange. The proposed rule change, initially submitted on March 25, was later amended on April 1, 2025, to clarify certain points and add additional details.
The amended proposal aims to list the Solana ETF under BZX Rule, which pertains to commodity-based trust shares. According to the Cboe BZX Exchange, Fidelity plans to register the shares with the SEC through a registration statement on Form S-1.
Fidelity’s experience with crypto ETFs, having launched the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Fidelity Ethereum Fund (FETH), has prepared it for this new initiative. FBTC has drawn substantial interest, accumulating nearly $17 billion in assets, while FETH currently manages around $975 million.
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.
The U.S. Senate Banking Committee has voted to approve Paul Atkins’ nomination for the role of Chair of the Securities and Exchange Commission (SEC). The vote, which took place on Thursday, passed with a narrow margin of 13-11, along party lines.
Paul Atkins, nominated by President Donald Trump, now moves one step closer to taking over the top regulatory position at the US SEC.
Senate Banking Committee Approves Paul Atkins Nomination
Paul Atkins’ nomination for SEC Chair has received approval despite sharp opposition from Democratic members of the Senate Banking Committee. The vote was entirely split, with Republicans supporting Atkins and all Democrats opposing the decision.
This partisan divide highlights the contentious nature of Atkins’ confirmation, which had been under scrutiny for several reasons.
The committee’s approval now clears the path for Atkins to proceed to the full Senate for a final confirmation vote. Given the Republican-controlled Senate, it is widely expected that Atkins will secure the necessary votes to take over the SEC leadership. With Republicans holding a 53-47 majority in the Senate, the confirmation process is anticipated to move forward swiftly.
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.
Cryptocurrency exchange Kraken has obtained a Restricted Dealer registration in Canada. The registration comes after completing a pre-registration undertaking (PRU) process with Canadian authorities.
The exchange has also announced the appointment of Cynthia Del Pozo as its new General Manager for North America. Del Pozo will oversee Kraken’s growth initiatives in Canada.
Kraken Completes PRU Process In Canada
Kraken’s Restricted Dealer registration marks the completion of a thorough pre-registration undertaking (PRU) process with Canadian regulators. The registration places Kraken under the supervision of the Ontario Securities Commission (OSC). This oversight ensures users have access to secure crypto products within a properly regulated local ecosystem.
According to the Canadian Securities Administrators (CSA), the Restricted Dealer registration is one of eight firm registration types in Canada. This particular classification is used for firms that “do not quite fit under any other category.” It also comes with specific requirements and conditions set by securities regulators.
Kraken’s regulatory achievement comes during a period of change in the Canadian crypto sector. Just months earlier, competitor Gemini exchange announced its departure from the Canadian exchange market by the end of 2024. This was a move that surprised many and raised questions about cryptocurrency regulation clarity in the country.
Kraken Introduces New Canadian GM
Del Pozo has joined Kraken to lead its Canadian operations as the new General Manager for North America. She has nearly 15 years of experience in corporate development, operations, and fintech consulting. Del Pozo will help to guide Kraken’s expansion across Canada during this important phase of crypto’s development in the region.
“Canada is at a turning point for crypto adoption, with a growing number of investors and institutions recognizing digital assets as a vital part of the financial future. I’m thrilled to join Kraken’s mission at this critical moment, and to lead our expansion efforts, ensuring we continue to serve our clients long-term with innovative and compliant products,” said Del Pozo.
In her role, Del Pozo will focus on strengthening Kraken’s regulatory relationships and also scaling the company’s presence throughout North America.
Del Pozo also commented on the registration achievement: “This Restricted Dealer registration is testament to the high bar Kraken has always set for consumer protection, client service, and robust security. We’re excited to continue expanding our world-class investment platform and to deliver innovative products that provide real-world utility to Canadians.”
The Exchange’s Continued Growth In Canada
Over the past two years, the cryptocurrency exchange has shown steady expansion in Canada while working through the PRU process with regulators. During this period, the exchange has doubled its team size and monthly active users.
According to the official blog post figures, the firm now has more than $2 billion CAD in total client assets under custody. Kraken has also increased support for some of the most popular cryptocurrencies. It provides several CAD spot trading pairs that enable Canadians to trade crypto without paying expensive foreign exchange fees.
According to Innovative Research Group’s 2024 Investor Survey, 30% of Canadian investors currently own or have owned cryptocurrencies. Likewise, a KPMG Canada survey discovered that 30% of Canadian institutional investors now have exposure to cryptocurrencies, which means widespread adoption across investor types.
Vignesh
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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