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Binance CEO Richard Teng Refutes $26B Revenue Claim In Nigeria Lawsuit

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4 months ago

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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.

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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.





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US and EU Banks Accelerate Stablecoin Plans Amid Regulatory Progress

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3 hours ago

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December 28, 2024

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Banks across the United States and Europe are ramping up efforts to issue stablecoins, fueled by evolving regulatory clarity and market demand.

The introduction of the EU’s Markets in Crypto-Assets Regulation (MiCA) and growing global interest in blockchain-based payment solutions have prompted traditional financial institutions to compete with established crypto firms like Tether Holdings.

European Banks Enter Stablecoin Market

A number of European banks have started to implement their own stablecoins to capture their share of a market that is said to earn billions of dollars in profit every year. The France-based Societe Generale – Forge (SG-Forge) has now opened its Euro-backed stablecoin for retail investors. In the same vein, the Frankfurt based Oddo BHF SCA and the London based Revolut are also looking to launch Euro stablecoins, while AllUnity, another issuer backed by Deutsche Bank’s asset management arm DWS, intends to launch its Euro stablecoin in 2025.

According to Jean-Marc Stenger, the CEO of SG-Forge, more banks will adopt bank-issued stablecoins; he simply said, “Yes”. SG-Forge is currently in discussions with about ten banks as potential partners or users of SG-Forge stablecoin issuing technology.

Similarly, Visa Inc., the global payments technology company, is also working with banks such as BBVA to create a stablecoin solution using blockchain. Cuy Sheffield, the head of crypto at Visa, stated that the company is currently in talks with institutions in Hong Kong, Singapore and Brazil.

US Banks Await Regulatory Green Light

In the United States, banks are keen on the legislation changes that can permit them to offer stablecoins. As the regulatory environment is being discussed, some banks such as JPMorgan Chase has already started testing payment systems that are based on blockchain. While JPMorgan has used its deposit token, JPM Coin in internal transfers, it does not possess the same open connectivity that is characteristic of stablecoins that can be accessed with any crypto wallet.

Naveen Mallela, co-head of JP Morgan’s digital assets division Kinexys, said that they are anticipated to gain more market acceptance in the next three years. He pointed out that stablecoins and tokenized deposits could both work side by side as different payment methods.

However, there are still certain issues that can be considered as problematic for US banks. There is ambiguity on which types of reserves are allowed to back stablecoins and if the deposits would be eligible for federal insurance. These problems should not be overlooked because, as the experts point out, they may lead to some confusion in periods of financial turmoil.

MiCA Brings Stablecoin Regulatory Clarity in Europe

The regulation of MiCA is a major milestone for stablecoin issuers in Europe as it will come into force on the 30th of December 2024. MiCA ensures that stablecoin providers have proper licenses to offer their services in the EU and also sets down some guidelines on reserve management and investor protection.

Circle’s USDC stablecoin has already been approved under MiCA and can now be used more extensively across the region. However, Tether Holdings, the market leader, has not mentioned plans for obtaining a license for the Euro pegged stablecoin. Experts claim that this could open up possibilities for banks as well as rivals to step in the niche.

Meanwhile, the European Central Bank has expressed concerns about the potential impact of stablecoins on traditional banking. A recent ECB study found that converting retail deposits into stablecoins could weaken a bank’s liquidity coverage ratio.

Central Banks and Consortium Coins

While commercial banks move to issue stablecoins, central banks are actively developing central bank digital currencies (CBDCs). These government-backed digital currencies could eventually compete with or replace bank-issued stablecoins in wholesale payment systems.

Avtar Sehra, CEO of Libre Capital, noted, “Everyone is exploring some form of commercial bank digital currency. But many may prefer consortium coins.” Several banks are reportedly considering forming alliances to create shared blockchain-based tokens for broader interoperability and efficiency.

Concurrently, Ripple’s RLUSD stablecoin which debuted on December 16, 2024 quickly gained traction in the global crypto market. Moreover, the RLUSD was recently listed on Independent Reserve, a licensed crypto exchange in Singapore.

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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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Who Is Elisa Rossi and What’s Her Role?

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6 hours ago

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December 28, 2024

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Solana (SOL) and the team are often in the news for the asset’s price performance and developments. However, things have turned different this time, as Elisa Rossi has pulled the Solana co-founder, Stephen Akridge, in a significant Solana Controversy, including staking reward thefts and much more. Let’s discuss the whole story.

Who is Elisa Rossi and Her Relation To Stephen Akridge?

Elisa Rossi was married to Stephen Akridge for 10 years before the couple got separated in February 2023. The couple had quite a long journey together and grew rich and famous, especially with Stephen’s role in Solana, the third biggest blockchain network. At present, SOL price sits at $187 with a market capitalization of $89.4B. However, Akridge moved away from Solana Labs in January 2024 and has launched Anza. He is also the CEO of Cyber Grant, which is a cybersecurity company.

The couple got divorced in early 2023 but are now in the limelight after Rossi sued Akridge. Rossi has openly called the divorce acrimonious and prolonged in a recent lawsuit. This Solana controversy highlighted the importance of understanding crypto distribution and management among spouses.

Stephen Akridge’s Sued in Staking Reward Theft

The Bloomberg report states that Rossi has sued her ex-husband, the Solana co-founder, for claims that Stephen used his crypto knowledge to steal millions of staking rewards from her portion of crypto. As a divorce settlement, Elisa Rossi received a significant portion of digital assets in three crypto wallets from her ex-husband, per Law.com. However, she had to file the lawsuit in San Francisco court after she realized that Stephen stole the staking commissions from her portion.

The alleged crypto steal happened between March and May when Akridge still controlled her crypto accounts and stole the stalking commission for himself by directing her SOL to his control. Rossi claimed that she found out about this two months after the divorce and has reached out to him over a dozen times in the last few months, but he has failed to do so and even laughed in her face, saying, “Good luck getting those staking rewards from me,” per lawsuit filings.

Overall, Rossi has sued Stephen Akridge for failing to adhere to divorce agreements, crypto theft, and fraud, and unfairly embezzling her money. With the Solana controversy and lawsuit, she wishes to receive compensation for the financial losses her husband has caused her. She also requests additional punitive or statutory exemplary damages and judgment interest per legal obligations.

Does it Impact the Crypto Industry?

Stephen Akridge’s lawsuit has gained significant attention from crypto enthusiasts, but it is a personal matter and does not really affect the performance of Solana or the crypto industry. However, this Solana controversy shows how people should have a decent knowledge of cryptocurrency and its functioning, considering its wide adoption and usage. In many cases, spouses like Elisa Rossi have faced similar crypto asset distribution issues due to unawareness. More importantly, in general, crypto scams have disturbed people’s lives. The most recent being Pudgy Penguin’s phishing scams targeting NFT holders.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

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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Why Is GMT Price Skyrocketing 40% While the Crypto Market is Falling?

Published

9 hours ago

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December 28, 2024

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In a series of surprising events, the GMT price began skyrocketing, especially today, as it’s up 40%. It’s surprising, as the token has been under a major downtrend and consolidation for years. Interestingly, the token is up when the crypto market is falling, gaining every investor’s attention. So, let’s discuss why the FSL ecosystem’s native token is pumping out of the blue.

GMT Price Booming With Increased Trading Volume & OI

STEPN GMT’s price began rising around a month ago, but it fell short and declined again with the crypto market’s downtrend. After that, it hit the month’s bottom at $0.129 before starting a recovery three days ago. This happened because investors’ trading activity increased its demand. This becomes clearer when the 24-hour trading volume hits $1.92B after a 228.37% surge. Additionally, the Coinglass reports reveal a 63% increase in Open Interest.

As a result, the GMT token’s price has surged 40% over the last 24 hours. More importantly, it’s up by 60% over the week, pushing its market capitalization to $621.89M. Interestingly, there is no significant reason behind this increased investor interest, but there was a spike in short liquidations in December. Although this suggests that traders are betting against the current surge, they got liquidated with the GMT price rally.

GMT Token LiquidationGMT Token Liquidation

Eventually, the shorts began rebuying the assets and accelerating the STEPN token price. However, in contrast, the crypto exchange has witnessed an increased inflow of the GMT token. If this inflow or dumping continues, it could eventually affect the GMT price. Additionally, a possible Bitcoin price crash to $60k could influence the entire crypto market’s performance, including GMT.

Will GMT’s Price Rally Sustain?

After a 60% rally over the week, the GMT chart is forming an inverse head and shoulders pattern, which is a sign of a potential bullish reversal. Additionally, the RSI is bullish, adding to the previous outlook, but it’s near the overbuying zone, which could change things in the long term.

However, the Awesome Oscillator is flipping bullish as it attempts to flip above the zero mean level. With that, a breakout above $0.248 could push the STEPN GMT token to $0.4155. However, the price could drop to $0.161 before this breakout, but any move down to $0.161 could disturb the bullish momentum. Careful consideration and strategic trades need to be placed between these zones.

GMT Price PredictionGMT Price Prediction

What Investor’s Should Do?

The FSL ecosystem’s token hit its prime around three and half years ago when it achieved the ATH of $4.11. However, with years of struggle, the target has moved 95% away from that, putting the long holder in a major loss. However, the current situation has opened the opportunity for immediate gains, as the GMT price is constantly moving upwards. As a result, the investors are also getting ready for sale with the inflows rising on the crypto exchanges. Clear strategic planning and careful trades are needed to earn profits, as the STEPN GMT token’s chart forms an inverse head and shoulders pattern. This could push the price to $0.4155 and higher if things went well.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

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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