Binance
Binance Executive Detained in Nigeria Now in ‘Deteriorating Condition,’ According to CEO Richard Teng
Published
2 months agoon
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adminBinance executive Tigran Gambaryan, who has now spent more than six months in a Nigerian prison, is suffering from “rapidly deteriorating” health conditions, according to the firm’s CEO.
In a new blog post, Binance chief executive Richard Teng says Gambaryan can no longer walk and is in desperate need of medical care.
“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. Despite his condition, the Nigerian government has denied him adequate medical care, including basic needs such as access to a wheelchair.”
Gambaryan, head of the crypto exchange’s Financial Crime Compliance team, was first detained by Nigerian authorities in February and charged with crimes related to Binance’s operations in that country.
While Gambaryan’s trial in a Nigerian court is expected to begin September 2nd, Teng says he has been prevented access to legal counsel.
Teng objects to authorities holding an employee to answer for allegations against Binance’s operations and calls on Nigeria to release Gambaryan.
“There is no need to imprison an innocent employee to answer for any allegations against Binance. We have settled issues in countries around the world, including the US, Thailand, and most recently in Brazil and India, in a reasonable, collaborative, and amicable manner with governments. All these were done without threat or harm inflicted on our employees.”
The Nigerian government had charged Binance, Gambaryan and another executive, Nadeem Anjarwalla, with four counts of tax evasion after the platform allegedly failed to register with the Federal Inland Revenue Service (FIRS). In June, tax evasion charges against Gambaryan and Anjarwalla were dismissed. However, both still face money laundering charges, which they deny.
In February, Gambaryan was arrested alongside his colleague Anjarwalla, who managed to escape the country. Gambaryan had traveled to Nigeria to engage in regulatory talks.
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Binance bets on Thailand as region signals supportive crypto approach
Published
2 days agoon
November 5, 2024By
adminBinance is prioritizing Thailand as a key market in its mission to reach one billion users, with crypto-friendly regulations seen as a driving factor.
Cryptocurrency exchange Binance is betting big on Thailand as it aims to bring crypto mainstream worldwide, spotlighting the country’s regulatory openness, The Bangkok Post reports, citing Binance chief marketing officer Rachel Conlan.
Per Conlan, Thailand ranks among Binance’s top 20 markets worldwide, with local crypto penetration estimated at 12%, double the global average of 6%. She also praised Thailand for taking a “pioneering approach to crypto” and working to establish regulations and a framework “in the right way.”
“I think that is what ultimately is going to help this industry thrive and drive forward.”
Rachel Conlan
Binance, which gained 60 million users in the past six months, attributes its growth to increased institutional adoption and positive developments like ETF approvals, Conlan said, noting the exchange sees a 20% global adoption rate as mainstream, a milestone it aims to reach within three years. Binance currently claims 240 million users globally.
The crypto exchange is doubling down on Thailand as the country itself appears to be betting on crypto as well. Recently, Siam Commercial Bank launched Thailand’s first stablecoin-powered cross-border payment system to facilitate faster, more efficient international transactions.
In August, Thai financial regulators also launched a Digital Asset Regulatory Sandbox to encourage crypto adoption in the country. The initiative, backed by a public hearing in May, allowed participants to test crypto services under flexible regulations to help develop Thailand’s digital asset market.
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PONKE Price Skyrockets 19% On Binance Support, What’s Next?
Published
3 days agoon
November 4, 2024By
adminThe Solana meme coin Ponke (PONKE) saw its price soar by 19% following Binance’s announcement of a USDⓈ-Margined PONKEUSDT Perpetual Contract. Set to launch on November 4, 2024, this contract offers users up to 75x leverage, signaling increased opportunities for traders and heightened optimism among PONKE supporters.
PONKE Price Rockets Amid Major Binance Support
According to Binance’s official announcement, the PONKEUSDT perpetual contract will go live on November 4 at 12:30 UTC, providing traders with 75x leverage and 24/7 trading. Key features include a tick size of 0.00001 and a capped funding rate of ±2.00%, with funding fees settled every four hours. Binance’s Multi-Assets Mode further allows users to utilize BTC as collateral, offering flexibility in margin trading. However, the exchange may adjust contract specifications, such as funding fees, leverage, and tick size, based on evolving market conditions, ensuring the asset aligns with market risk levels.
#Binance Futures will launch the USDⓈ-Margined $PONKE Perpetual Contract at
🗓️ Nov 4 2024, 12:30 (UTC)
Read more ➡️ https://t.co/kqrmZqnEp6 pic.twitter.com/LQPUlMOBOR
— Binance Futures (@BinanceFutures) November 4, 2024
PONKE, built on Solana, benefits from the blockchain’s high-speed and low-cost transactions, catering to online traders and gaming enthusiasts. The coin’s community-driven design, distinct tokenomics, and accessibility through major exchanges contribute to its market appeal. Its #ponkyarmy community is particularly active, with governance roles and a dedicated social media presence that drive further engagement and growth.
Will The Rally Sustain?
Following the Binance listing news, PONKE’s price surged by 19%, currently trading at $0.49, with a 24-hour low of $0.43 and a high of $0.56. Its trading volume climbed to $77 million in the last 24 hours, indicating heightened interest. PONKE, with a market cap of $274 million, continues to capture the attention of meme coin enthusiasts. Besides, recent Coinglass data also highlights increased open interest for PONKE, signaling optimism for further gains.
Launched in late 2023 with a total supply of 555 million tokens, PONKE has already achieved an all-time high of $0.70 four months ago. Its deflationary burn mechanism and community-driven features have positioned PONKE uniquely within the Solana ecosystem, drawing both meme coin fans and investors seeking growth in Solana-based assets.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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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Binance
Joe Biden Thanks Nigerian President for Releasing Binance Executive Tigran Gambaryan From Prison
Published
6 days agoon
October 31, 2024By
adminUS President Joe Biden has expressed his appreciation to Nigerian President Bola Tinubu for securing the release of Binance’s compliance officer Tigran Gambaryan from prison.
Gambaryan, a former agent of the US Internal Revenue Service (IRS), was visiting Nigeria to address regulatory concerns about Binance when local authorities arrested and jailed him on charges of money laundering and operating an unlicensed financial institution.
Amid reports of Gambaryan’s deteriorating health and the Nigerian government’s refusal to give him adequate medical treatment, 18 US state attorneys general wrote a joint letter telling Biden that Nigeria’s blatant misuse of power should be met with the full weight of the US government’s influence given the financial and political support that America extends to the West African nation’s current regime.
Last week, Judge Emeka Nwite ordered that Gambaryan be released from Kuje prison where the executive was incarcerated following his arraignment in April.
R.U. Adaba, a lawyer who represents the prosecuting agency, said that Nigeria is dropping the charges due to diplomatic interventions and in consideration of the extent of Gambaryan’s involvement as an employee of Binance.
The White House says that during a recent call, Biden thanked Tinubu for the development in Gambaryan’s case.
“President Biden offered his condolences on the recent flooding that has impacted northeastern Nigeria and underscored his appreciation for President Tinubu’s leadership in securing the release on humanitarian grounds of American citizen and former U.S. law enforcement official Tigran Gambaryan last week.”
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